Guyana Development Bank operationalization order signed

Finance Minister Dr. Ashni Singh has signed the Commencement Order to operationalize the Guyana Development Bank (GDB), following the legislation's passage in July 2026. The bank is scheduled to launch on October 5, 2026, with an initial startup injection of US$100 million, representing half of its authorized $40 billion capital.

The GDB aims to support Small and Medium-sized Enterprises (SMEs), specifically targeting women, youth, and persons with disabilities. The institution plans to offer zero-interest loans of up to $3 million without collateral, alongside mentorship and training services. Under certain arrangements, borrowers may access up to $7 million in additional financing through traditional lending institutions.

However, Opposition Leader Azruddin Mohamed has raised concerns regarding the bank's governance and potential for corruption. Mohamed argued that the current legislation lacks sufficient safeguards and strict penalties for the misuse of funds. He specifically noted that the Minister of Finance holds sole power to appoint the board of directors, with no requirement for National Assembly approval or representation for the parliamentary opposition.