-Abu Zaman named as Chairman
The Guyana Development Bank’s (GDB) board met with three government ministers yesterday as the institution began operations, offering interest-free, collateral-free loans of up to $3 million to small and medium-sized enterprises.
Finance Minister Dr Ashni Singh; Tourism, Industry and Commerce Minister Susan Rodrigues and Public Service, Government Efficiency and Implementation Minister Zulfikar Ally met the seven-member board at the Ministry of Finance, according to a release from the Finance Ministry.
Chaired by Abu Zaman, with Georgetown Chamber of Commerce and Industry (GCCI) President Kathy Smith as deputy chairperson, the board includes former PNCR parliamentarian and now PPP/C MP James Bond. The other directors are Finance Secretary Sukrishnalall Pasha, Caribbean Airlines executive Dion Inniss, governance specialist Nalinie Singh and entrepreneur and educator Praem Rambharak.
The directors were appointed by Singh. Their initial term runs from October 5, 2026, to December 31, 2027.
Singh told the board that the institution should enable people previously constrained by collateral requirements and interest costs to establish or expand businesses. He said the intention was for borrowers to develop viable enterprises and eventually obtain financing from commercial banks.
“Because every single small business owner who is going to access a loan facility through the GDB, we would like to see every one of them invest the resources in a viable business idea and grow their business as well as manage their business responsibly so that their business grows not only to utilize the $3 million loan facility being provided by the GDB but so that they could graduate upwards into accessing loans from the formal financial system-the traditional commercial banks-and grow their business even more,” Singh said.
He described the $20 billion initial capital injection as a means of stimulating sustained businesses and livelihoods across the country, rather than an end in itself.
Rodrigues, under whose portfolio the bank falls, urged the board to consider innovative proposals that applicants might not ordinarily take to commercial lenders.
Scenarios
“We may see new scenarios and people coming up with new proposals that they won’t ordinarily take to a commercial bank but there is great value in that idea,” she said.
Ally said the government wanted people with business ideas to have opportunities to establish enterprises within their communities. Referring to the online application system, he pledged his ministry’s support for efficient implementation.
“My Ministry will always be there to ensure efficiency in implementation,” he said.
The bank is accepting applications through [gdb.gov.gy](https://gdb.gov.gy/). According to the ministry’s earlier launch release, financing is available to qualifying businesses in all ten regions.
The platform offers Quick Loans below $300,000, with a simplified process and reduced documentation, and SME loans ranging from $300,000 to $3 million. Applicants may also request appointments for assistance from an officer.
Approved funds will be deposited directly into borrowers’ bank accounts, while repayments will be made through the banking and financial system. Borrowers will use the platform to manage their loans throughout the repayment period.
Not a grant
In an accompanying launch message, President Irfaan Ali stressed that the financing must be repaid.
“This is not a grant—this is your opportunity to earn, your opportunity to build your credit,” he said.
Ali said the institution would also provide technical assistance, business development services, mentorship and training.
A separate promotional notice from Ally’s ministry advertises financing of up to $10 million through co-investment opportunities. The releases specify an individual SME loan ceiling of $3 million but do not explain the co-investment arrangements.
The GCCI welcomed the bank’s opening, saying it provides another financing avenue for entrepreneurs seeking to start, expand and strengthen their operations. It urged the institution to develop financing mechanisms responsive to the needs of local businesses.
The bank was promised in the PPP/C’s 2025 manifesto. Its legislation was passed on July 27, 2026, and received presidential assent on July 30. Singh signed the commencement order on September 16, bringing the Act into operation on October 5.
The government’s board announcement describes Zaman as having more than a decade of senior experience in retail and small-business banking. He is Chief Administrative Officer of ENet, Chairman of the Small Business Council and Chairman of the Natural Resource Fund’s Public Accountability and Oversight Committee.
Smith, the GCCI’s first woman president, is also Vice Chairperson of the Private Sector Commission and chairs the Board of Industrial Training.
Biodata
Bond’s biodata identifies him as an attorney of 24 years’ standing who began his career as a State Counsel in the Director of Public Prosecutions’ Chambers. He is now a PPP/C parliamentarian and Senior Legal Advisor to the Ministry of Public Utilities and Aviation.
Formerly a prominent PNCR member and APNU parliamentarian, Bond was among five contenders for the PNCR’s presidential nomination in 2011, alongside David Granger, Carl Greenidge, Basil Williams and Dr Faith Harding.
He also helped lead an APNU protest in Georgetown following the November 2011 elections. On December 6, police fired rubber bullets at the procession on Hadfield Street, injuring Bond, retired Brigadier Edward Collins and others.
Before endorsing Ali, Bond had worked with businessman Azruddin Mohamed on community initiatives in Melanie Damishana.
Bond publicly endorsed Ali for another term in January 2025. In a letter published by Stabroek News, he urged Guyanese to support the President and his government, citing their infrastructure programme, economic policies and response to Venezuela’s territorial claim.
Bond was charged in 2021 in connection with alleged fraudulent leases of state lands at Plantation Peters Hall, East Bank Demerara.
Stabroek News reported on April 22, 2025, that the case remained before the court at the trial stage. The three conspiracy charges concerned allegations that Bond and others facilitated leases of NICIL lands without the necessary board and Cabinet approvals and for purposes outside NICIL’s mandate.
Former NICIL official Colvin Heath-London was named alongside Bond in all three charges, with Eddie Doolal and Jermaine Richmond named in separate transactions. Bond was granted $50,000 bail on each charge. No later disposition of the case was established for this report. Those charges against Bond will raise questions about the suitability of his appointment to this bank’s board.
Safeguards
The bank’s opening follows debate over its governance and safeguards against political influence.
Kiskadee Watch previously reported that the Finance Minister appoints the entire board and that the institution is exempt from the Financial Institutions Act. It cannot accept public deposits or undertake speculative trading.
Chartered accountant and attorney Christopher Ram has questioned the exemption and warned that lending should be based on economic merit and developmental impact. APNU parliamentarian Terrence Campbell has supported the concept of a development bank but expressed concern that ministerial control of board appointments could lead to politicisation.
Ali subsequently proposed publishing the names of persons selected for loans before financing is granted, allowing the public to raise concerns about attempts by relatives or established business owners to dominate the programme.
APNU questioned how that proposal would comply with the bank’s confidentiality provisions. It called for disclosure of the legal basis, written rules protecting applicants’ information and independent reporting on whether loans are distributed fairly and produce measurable results.
Discussion