With an initial US$100 million injection, the government is pressing ahead with the establishment of the Guyana Development Bank.
This bank is a new initiative that will provide zero-interest loans to young entrepreneurs, women, and other groups. It has been a manifesto promise of the recently re-elected People’s Progressive Party Civic (PPP/C) government.
Dr. Singh said young business persons, women, and persons living with disabilities will be able to access up to $3 million in micro-credit loans at zero-interest with zero collateral requirement for targeted investments in specified sectors. The loans will be accompanied by mentorship and training, he added.
Beyond this, small and medium-sized enterprises will be able to access up to an additionall $7 million at preferential interest rates from some commercial banks.
Overall, Dr Singh said, the government is responding to the calls for more access to financing for select groups.
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