As Guyana continues to experience major economic growth, President Dr. Irfaan Ali has announced a series of government-led initiatives aimed at improving access to financing and support for small and medium-sized businesses across the country.
Speaking at the Region Three Chamber of Commerce’s event, President Ali assured the business community that his administration is committed to removing financial barriers and creating a more enabling environment for entrepreneurship and private investment.
He noted that while Guyana has seen impressive expansion in recent years, particularly since 2020, more needs to be done to ensure equitable access to financial resources.
“As we approach the next five years, we are going to create conditions that will advance the creation of new investments and new businesses,” Ali stated.
Among the plans announced was a pledge to establish interest-free loans specifically tailored to support small and medium-sized enterprises. The President stated that this measure will enhance competitiveness and help generate new economic opportunities across various sectors.
Ali highlighted the efforts already made to strengthen the country’s financial system, noting that private sector lending now accounts for 62 per cent of overall lending since 2020. He also reported significant increases in credit access for the mining, agriculture, manufacturing, and services sectors.
“When you look at the spread of lending and the areas in which we have encouraged lending, it tells you about a diversified economic portfolio. It tells you about a balanced economy that is rising on every end, not just one end, and one that is relying on no one sector alone,” he said.
He explained that a key part of the government’s approach will be to reform lending frameworks and cut red tape, making it easier for new and small businesses to access affordable loans. “We are going to reduce interest rates and burdensome procedures to access capital,” the President added.
He said his government is deliberately targeting low-income earners and small business owners with a policy that promotes affordable credit. “We have been supporting small businesses with assistance,” Ali said.
The President also stated that these steps are part of a broader strategy to make Region Three, and by extension, Guyana, more attractive for long-term private sector investment.
“The logistical improvements and investment in this region will improve its competitiveness, facilitate greater industrial and commercial activity, and lay the foundation for accelerated economic development. Businesses will no longer be constrained, and these infrastructure investments will stimulate job creation and attract further private investment,” Ali asserted.
“The government has created that enabling environment for all the investors that come here, to feel confident and that they can invest in Region Three, and by extension the country, knowing that their investment is safe, sustainable, and viable.”
