– as bank opens new headquarters in Georgetown
President Dr Mohamed Irfaan Ali has urged the Bank of Baroda to channel more of its parent company’s global capital into Guyana, with particular emphasis on expanding financing opportunities for small businesses.
The Head of State made the appeal on Friday evening during the official inauguration of the bank’s new headquarters at Carmichael and Quamina Streets, South Cummingsburg, Georgetown, as the institution marks 60 years of operations in Guyana.
President Ali reflected on the bank’s position when he assumed office in 2020, noting that it was then considering exiting the Guyanese market. He said retaining both Bank of Baroda and Scotiabank was among his early priorities, which required high-level engagements involving the Presidency and the Ministry of Finance.
“I’m much happier standing here launching this new headquarters with you than just six years ago in 2020, listening to you wanting to exit the market. It’s a completely different day today,” the president said.
Turning his attention to small business development, President Ali disclosed that the government is working alongside commercial banks through the Guyana Development Bank (GDB) to provide additional financing of up to $10 million for qualifying businesses.
He said the initiative presents a significant opportunity for financial institutions to support entrepreneurs and other small operators.
“Small business lending can be good banking,” President Ali said, stating that, “It is the thousands of smaller enterprises, the entrepreneurs, the manufacturers, the farmers, the service providers, the contractors, and the retailers who create the economic depth and resilience that allow growth to endure.”
According to the President, commercial banks have been responsive to the government’s policy direction, adding that there has never been such close collaboration between the government and the banking sector.
He also announced that major projects connected to national and regional energy security will soon be unveiled, creating investment opportunities for institutional investors as well as ordinary Guyanese families.
“A priority of the government is to allow savings to work in the interest of the people, not in the interest of the bank alone,” he said.
On the issue of financial inclusion, President Ali highlighted the gap between global bank account ownership and mobile phone penetration, noting that approximately 79 per cent of people worldwide own a bank account, compared to 85 per cent cell phone ownership in low- and middle-income countries.
He said the government is investing in a national payment system and digital platform designed to connect families across the country through their mobile phones.
“Once we complete this project, overnight, the financial architecture, the financial system, financial inclusion, the services of the banking sector will reach across the country and add to the GDP,” he said.
Meanwhile, President Ali pointed to the strength of Guyana’s banking sector, highlighting several key financial indicators.
At the end of 2025, the capital adequacy ratio stood at approximately 17 per cent, significantly above the regulatory minimum, while liquid assets accounted for about 46 per cent of total assets. Non-performing loans declined to approximately 1.3 per cent of total loans, while private sector credit expanded by about 19 per cent.
During the first half of 2026, domestic credit grew by 15.5 per cent, while private sector credit increased by 11.5 per cent. Real estate mortgages rose by 21.2 per cent, and lending to the services sector increased by 8.1 per cent.
The President noted that these increases were recorded against an already strong performance in the previous year.
He also highlighted a US$500 million credit facility recently agreed with India’s External Affairs Minister, Dr Subrahmanyam Jaishankar.
