Thousands set to access business opportunities through Development Bank – Pres Ali

– says ecosystem being built to almost guarantee success

Thousands of Guyanese are expected to benefit from business and investment opportunities through the first phase of the Guyana Development Bank, according to President Dr Irfaan Ali.
He made these remarks on Wednesday during a video presentation from the lawns of State House, where he outlined the Government’s vision for the institution, which is intended to support entrepreneurship, empower individuals and families, and create sustainable economic opportunities across the country.
Ali reminded us that the establishment of the Development Bank was a commitment made by the People’s Progressive Party/Civic (PPP/C) in its manifesto and forms part of a broader strategy aimed at building prosperity, increasing incomes and supporting small and medium-sized enterprises.
“The first phase of the development bank would create opportunities for thousands of Guyanese,” the President said, adding that those who access the programme must approach it with a positive mindset and a commitment to success.
He explained that the bank is intended to help ordinary Guyanese transform ideas into viable businesses while providing the support needed to ensure long-term sustainability.
“This is a business opportunity. This is a loan that is interest-free and collateral-free, but it’s not a grant. It is meant to allow you to build a business, to build prosperity, to build an enterprise, to build off of your creativity, to build off of your ideas, to support your ideas, to support your entrepreneurial spirit,” Ali stated.
According to the President, one of the key features of the development bank will be the extensive support structure accompanying the financing.

Guaranteeing success
He said the initiative is designed around mentorship, financial literacy, training and business development services, creating what he described as an ecosystem intended to help borrowers succeed.
“We are building an ecosystem that would almost guarantee success. An ecosystem that is there to hold your hands, to support you, to guide you, to anchor your investment, to advise you on further enhancement and development,” he said.
Ali explained that the programme will adopt a grassroots approach, with cabinet members, community leaders, business leaders and mentors engaging citizens across the country through cluster meetings and discussions aimed at identifying opportunities and developing viable projects.
Under the proposed structure, every region will have credit officers responsible for working directly with prospective borrowers. These officers, he said, will assist individuals in developing ideas, preparing applications and monitoring projects.
Facilitators will also play a central role by helping entrepreneurs strengthen business concepts, improve management capacity and access available Government support programmes.

Supporting growth
The President said the development bank is designed not only to help individuals establish businesses but also to support their growth over time.
As enterprises expand, sector specialists and technical officers will be available to provide guidance and assist entrepreneurs in accessing larger financing opportunities through commercial banks.
“We are not leaving you alone to go to the commercial bank. We are going to support you with the technical services to get to the commercial bank, to scale up your business, to expand your business and to grow from where you started,” he pointed out.
Ali also said the initiative will provide the Government with an avenue to invest directly in the talent, creativity and ideas of Guyanese.
He pointed to examples of small-scale ventures that have grown into successful enterprises through commitment and proper support, noting that the Development Bank will seek to replicate such successes across multiple sectors.

Patience and hard work
At the same time, the President cautioned that success would require dedication and perseverance.
“Patience and hard work are essential elements or pillars of creating a winning strategy, of creating winners. If you want to be a winner, you have to be patient. You have to work hard,” he said.
Ali stressed that while Government is putting systems in place and preparing for the bank’s launch, prospective borrowers must understand that there are no shortcuts to success.
The legislation establishing the Guyana Development Bank is currently before Parliament, while work continues on the administrative and operational structures needed to support its rollout.
According to the President, the institution is intended to create long-term prosperity by investing in individuals, families, and businesses while expanding access to opportunities for thousands of Guyanese.