National Assembly passes Guyana Development Bank Bill

The Guyana Development Bank Bill 2026 was passed in the National Assembly on Monday, making way for the establishment of a new financial institution to improve access to affordable financing for small and medium-sized enterprises (SMEs).

Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh, told the National Assembly that the legislation seeks to address a longstanding challenge faced by entrepreneurs, particularly access to financing.

Dr Singh explained that while many small and family-owned businesses have contributed significantly to Guyana’s economic development, access to capital has remained a major barrier preventing some enterprises from expanding.

“This bill seeks to establish a development bank that will provide loans, small loans, to SMEs in Guyana, loans of up to $3 million, free of interest, and free of collateral,” Dr Singh stated.

He noted that the institution will help unlock a new wave of entrepreneurship during Guyana’s period of economic growth, while supporting businesses that may not otherwise qualify for traditional financing.

Meanwhile, Minister of Agriculture Zulfikar Mustapha noted that the bank will help ensure economic opportunities reach every region and community, including rural and hinterland areas.

He highlighted that many farmers, small manufacturers, and entrepreneurs have ideas and resources but often lack access to financing.

“This will be a game changer for the small farmers, for the farmers in the hinterland, for the fisherfolk and for agro-processors,” Minister Mustapha said.

Additionally, Minister of Tourism, Industry and Commerce Susan Rodrigues said the legislation represents a commitment to removing barriers that have prevented many Guyanese from transforming their ideas into successful businesses.

Minister Rodrigues said the new bank will support farmers, manufacturers, tourism operators, artisans, women-led enterprises and young entrepreneurs.

“This bill is about investing in people. It is about unlocking the productive potential that exists in every village, every community, and every region of Guyana,” she said.

Member of Parliament Alister Charlie said the legislation will help ensure economic growth reaches all regions, including indigenous communities.

He said indigenous people have long been involved in entrepreneurship through farming, craft production, and trade, but access to affordable financing has often been a challenge.

“This legislation is about confidence in the Guyanese entrepreneur, confidence in indigenous communities, confidence in our young people, confidence in our farmers and confidence in our future,” MP Charles said.

Meanwhile, Minister of Public Service, Government Efficiency and Implementation, Zulfikar Ally, said the bank will create opportunities for small entrepreneurs, farmers, youth, and persons seeking to establish businesses.

He said the institution will support economic diversification by helping more Guyanese participate in the country’s development. (DPI)