IPED disbursed $4.3B in loans, created almost 9,000 jobs in 2023

The Institute of Private Enterprise Development Limited (IPED) has revealed that as much as 4,881 loans, amounting to $4.3 billion, were disbursed last year through its micro and small loans initiative to thousands of entrepreneurs.
IPED made this revelation in its 2023 Annual Report, wherein it announced that these loans all contributed to the creation of 8,655 jobs throughout Guyana.
In a statement, IPED Chairman Komal Samaroo explained that the focus throughout the year was on expanding micro and small loans. As a consequence, 4,750 small and micro enterprises were serviced, and non-performing loans were reduced to $95 million.
“The strategic decision to focus the company’s resources on expanding micro and small loans ($2M-$7.5M) and reducing the microloan interest rate by 31% supported IPED’s growth for 2023 in its efforts to meet market demands for financing,” Samaroo said.

It was further reported that the company demonstrated financial resilience and operational efficiency, with total operating income increasing by 12 per cent to $952 million, and operating surplus surging by 35 per cent to $301 million.
“Strategically, IPED expanded its micro and small loans portfolio, lowered interest rates, and enhanced support services for entrepreneurs. The institution’s international presence was strengthened through partnerships such as the Memorandum of Understanding with the Cuban Chamber of Commerce, aimed at providing capacity-building training to entrepreneurs,” IPED also explained.
Meanwhile, IPED committed itself to leveraging technology for improved service delivery, with plans to implement a state-of-the-art integrated loan management system. Additionally, IPED noted that initiatives such as the ‘Technical Skills-based Entrepreneurship Program’ reflect the company’s dedication to fostering sustainable business practices and empowering individuals with technical expertise.
IPED’s commitment to environmental sustainability was also highlighted, with initiatives like the Green Loan Product contributing to climate-resilient practices in Guyana. According to Chief Executive Officer Jagdesh Haripershad, the company is looking ahead at opportunities to be more inclusive and dynamic.
“I am proud of IPED’s achievements in 2023, and grateful for the dedication of our team, partners, and stakeholders. As we embrace the opportunities of the digital era, we remain steadfast in our mission to create a more inclusive and dynamic landscape for entrepreneurship,” Haripershad has said.
IPED, as a financial institution, plays an important role when it comes to ensuring access to finance for entrepreneurs to both launch and/or grow their businesses. This is especially poignant, since officials such as President Dr Irfaan Ali have stressed the need for banks to be more proactive in their lending approaches.
The private sector has also been vocal about the need for access to finance to be addressed, at one point calling out continued bureaucracy at commercial banks as hindering access to financing. Last year, the Georgetown Chamber of Commerce and Industry (GCCI) had said this situation was putting local businesses at risk of becoming unable to compete in Guyana’s oil and gas sector, as well as losing out on Government projects.
According to the GCCI statement, local banks must be proactive and outline the hindrances – whether legislative, economic, social, or environmental – that are restricting better access to finance for the local private sector.