GBTI to finance Muneshwer’s Group expansion through IDB partnership

The content originally appeared on: INews Guyana
From left to right: GBTI Business Development Manager Rawattie Mohandeo; Finance Minister Dr Ashni Singh; Muneshwer’s General Manager Chandradatt Chintamani; IDB Invest Country Manager Lorena Solazar; CEO James Scriven; GBTI Deputy CEO Shawn Gurcharran, and other representatives of IDB and Muneshwer’s

Through a partnership agreement with IDB Invest, the Guyana Bank for Trade and Industry (GBTI) will be providing financing for the expansion of the Muneshwer’s Group.

IDB Invest and Muneshwer’s Group inked the agreement at the Guyana Marriott Hotel in the presence of Finance Minister Dr Ashni Singh; President of the IDB Group, Ilan Goldfajn; Chief Executive Officer (CEO) of IDB Invest, James Scriven; Country Manager Lorena Solorzano; GBTI Deputy CEO Shawn Gurcharran, and other representatives.

The GBTI Deputy CEO expressed the Bank’s excitement about the project, noting the successful relationship it shares with IDB Invest and the potential for future collaborations.GBTI is a 100 per cent Guyanese-owned and managed bank, and it is financing a successful entity which has expanded rapidly in recent times.

The Bank shared in a statement on Friday, “It is indeed a moment to celebrate, as two Guyanese institutions have been able to successfully demonstrate that our capabilities and capacities are adequate to meet the expectations of IDB Invest. This collaboration today emphasizes the current economic development of our Guyana. Local entities can now pursue great opportunities that are present through partnerships with key international players for the betterment of all stakeholders.”

GBTI has enjoyed a fruitful partnership with IDB Invest which goes back some time. As recently as in 2021, these two entities signed a Trade Finance Partnership, and they are currently exploring key areas to further strengthen their lending infrastructure and lending products.

“Collaboration with IDB Invest has indeed been a pleasure but also has presented GBTI an opportunity to understand the risk appetite of a multilateral finance firm and, importantly, the mitigants (needed) to lend prudently. We have found IDB Invest’s approach to be one that is flexible and accommodating to the dynamic circumstances that currently prevail in Guyana,” GBTI has added.

For Guyana to continue benefitting from the plethora of opportunities that the booming economy has presented, the entity underscored, it is important that operations be improved in order to facilitate the forging of these partnerships.

“We do hope to continue to partner with IDB Invest in the many opportunities that are available in Guyana, as they are critical to continued growth and success. At GBTI, like many other Guyanese, we are excited to see our much-heralded potential being realized. It is our aim to continue working in these partnerships so that they, too, can see Guyana through our eyes.”