President Dr. Irfaan Ali, who is seeking re-election with the People’s Progressive Party Civic (PPP/C), revealed that Citibank is still interested in setting up operations in Guyana, a move he said demonstrated the confidence developed in the local finance sector.
Dr. Ali told party supporters gathered at Alexander Village, Georgetown, that the bank could soon set up a representative office in Guyana. Such moves, he opined, are due to positive developments in the local financial sector.
“They trust the financial system, they trust our policies… There is only one party that can do this. That is your party, the PPP/C,” he said.
Improvements in the financial sector were highlighted by the President during the public meeting in Alexander Village. Dr. Ali said the government had been incentivising foreign banks to establish relations here.
Last year, Vice President Bharrat Jagdeo said the discussions with Citibank are important when examined against the challenges faced by Guyana and other small countries in attracting major international banks, as well as the government’s efforts to deepen the local financial sector.
“We are hoping to see more retail banking in Guyana from the large banks,” Jagdeo stated then, acknowledging that many international banks have exited the region in recent years due to shifting global risk and program strategies.
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