Nearly 30% of Development Bank applications target agriculture – Pres Ali

President Dr Irfaan Ali on Monday disclosed that nearly 30 per cent of applications submitted so far to the Guyana Development Bank since its launch last week are from the agriculture sector.

He made this disclosure at the opening of the Farmers’ Conference, held at the Arthur Chung Conference Centre, where he added that these applications reflect growing interest in the agriculture sector, which contributes six per cent of Guyana’s Gross Domestic Product (GDP) and accounts for one-fifth of the country’s non-oil GDP.

“Not only have we brought back production and instilled confidence in the system, but we are nurturing a new generation of young Guyanese who see a future in agriculture, who see a future in investing in agriculture. We have been able to build the consortiums of young people, now in poultry,” the President said.

He encouraged those present to listen to the stories of young agricultural entrepreneurs, noting that the growing interest in the sector indicates that the Government’s policy direction is generating renewed enthusiasm for agriculture.

“You should listen to their stories. And if there is one indication as to how the policy direction is leading to a new wave of excitement, a new wave in agriculture,” he said.

“It’s a fact that almost 30 per cent of all the applications so far in the Development Bank are in the agricultural sector. Almost 30 per cent are in the agricultural sector. That is productivity. That is in production. And once we have people interested in the production of goods, especially in the agricultural sector, then what the IMF report is saying about us today will continue to expand and continue to grow,” he added.

The Guyana Development Bank is now operational, marking the fulfilment of a key commitment to expand access to financing for entrepreneurs and small businesses across Guyana.

The new institution will provide up to G$3 million in zero-interest, zero-collateral financing, creating a new avenue for Guyanese seeking to establish or expand their businesses.

At the launch last week, President Ali highlighted that the bank is intended to address the financial barriers that have long prevented aspiring entrepreneurs, including young innovators, single mothers, farmers and skilled tradespeople, from accessing the resources needed to start or grow their enterprises.

This publication reported that with an initial capital of US$100 million, the State-backed financial institution offers loans of up to G$3 million to citizens and small and medium-sized enterprises (SMEs) across a wide range of sectors, without requiring collateral or charging interest.

Over the past few months, the Government has been ramping up its public education programme to sensitise citizens across the country about the financial institution. In addition to zero-interest and zero-collateral loans, the bank will also offer business support and mentorship services.

In a message marking the operationalisation of the bank, President Ali said its establishment fulfilled a commitment made in the People’s Progressive Party’s 2025 manifesto to create an inclusive financial system in which no citizen is left behind in the nation’s transformation.