GOGEC welcomes operationalisation of Guyana Development Bank

The Guyana Oil & Gas Energy Chamber (GOGEC) commends President Dr. Irfaan Ali and the Government of Guyana on the official operationalisation of the Guyana Development Bank (GDB).

Backed by an initial capital investment of US$100 million, the establishment of the GDB represents a landmark milestone in modernising the nation’s financial architecture. GOGEC strongly praises the administration for delivering on its vision of an inclusive economic landscape that directly dismantles long-standing financial barriers for local entrepreneurs, youth, women, and emerging enterprises.

To steer this transformative institution, the Government has appointed a high-calibre, seven-member Board of Directors led by Chairman Abu Zaman and Deputy Chairperson Kathy Smith.

Comprising seasoned professionals with deep expertise spanning retail and SME banking, private sector advocacy, financial regulation, legal affairs, aviation, and institutional governance, this distinguished leadership team is exceptionally well-positioned to govern with integrity, inclusivity, and strategic vision.

For micro, small, and medium-sized enterprises (MSMEs), access to capital has historically been one of the steepest hurdles to growth. The Guyana Development Bank addresses this systemic challenge head-on:

1. 1. Zero-Interest & Zero-Collateral Loans: Qualified individuals and MSMEs can access up to G$3 million with no collateral requirements and zero interest, removing high upfront barriers to market entry.
2. Co-Financing Pathways: Through strategic co-financing arrangements between the Government and traditional commercial lending institutions, beneficiaries can unlock up to an additional G$7 million at preferential interest rates, establishing strong credit profiles.
3. Comprehensive Business Ecosystem: Beyond direct funding, the bank provides technical assistance, business mentorship, capacity-building, and operational guidance to prepare grassroots enterprises to scale sustainably and eventually integrate into commercial banking.
4. Nationwide Accessibility: A dedicated mobile digital platform ensures micro-entrepreneurs and suppliers across coastal, hinterland, and riverain communities can seamlessly apply and access capital.

As Guyana’s energy sector continues its rapid expansion, meeting stringent local content targets requires robust capitalisation and capacity-building. The Guyana Development Bank serves as a powerful catalyst for GOGEC members; particularly emerging subcontractors, fabrication shops, logistics providers, and professional service suppliers.

GOGEC stands ready to collaborate with the Guyana Development Bank and the Government to ensure that local energy enterprises and small suppliers fully harness these financial tools, fostering shared prosperity and driving sustainable Guyanese participation in the national transformation.