Guyana Development Bank to launch with US$100M capital

The Guyana Development Bank (GDB) is scheduled to begin operations on October 5, aimed at expanding financial access to entrepreneurs in hinterland, riverine, and rural communities. With an initial capital injection of US$100 million, the state-backed institution will offer eligible borrowers financing of up to G$3 million through zero-interest and zero-collateral loans.

To ensure accessibility, the government is launching a mobile application for financing requests and establishing dedicated community desks within existing commercial bank branches. The initiative also includes a facilitation model where trained local entrepreneurs will assist residents in developing loan-ready business proposals.

Beyond direct lending, the GDB will provide compulsory mentorship, technical assistance, and business guidance to help borrowers build credit histories and transition toward commercial financing. President Mohamed Irfaan Ali emphasized that the bank targets productive sectors such as agriculture, tourism, manufacturing, and technology to help diversify the national economy and reduce dependence on the oil and gas sectors.