President Irfaan Ali says an estimated 15,000 to 20,000 persons have applied to the Guyana Development Bank since its October 5 launch, with submissions now being evaluated and grouped according to the sectors applicants intend to enter.
Speaking during an interview on Tuesday, Ali pointed to the response as evidence of interest in the initiative and highlighted the convenience of its digital application process, according to the Department of Public Information (DPI).
“Imagine launching such a huge national programme. You have maybe 15,000, 20,000 persons who have applied already, without a line, without a single line, without any long line anywhere, just from their bedroom, from their desk, on a cricket field,” he said.
The figures were presented as an estimate. The DPI report did not state how many applications had been approved or whether any loans had been disbursed.
Ali said the submissions included promising ideas from young people. Teams were assessing the applications and categorising them by sector.
The bank is being designed to combine digital services with a physical presence across the country, while avoiding an extensive bureaucratic structure, the report said.
Ali also urged citizens to obtain digital identification cards and establish bank accounts, describing these as important elements of the country’s expanding digital framework.
“The future that you’re building is built on these important national assets,” he said.
Meanwhile, the bank’s board is considering candidates for chief executive officer, with an appointment expected soon.
Former Scotiabank Guyana branch head Abu Zaman was appointed chairman, with Georgetown Chamber of Commerce and Industry President Kathy Smith as his deputy.
The state-owned institution was established to provide small and medium-sized businesses with interest-free, collateral-free loans of up to $3 million. The government announced an initial injection of US$100 million, approximately $20 billion, representing half its authorised capital of $40 billion.
Interest from agriculture had already featured in the early applications. Kiskadee Watch reported on October 13 that Ali told the previous day’s Farmers’ Conference that almost 30 per cent of applications received were from agriculture-related businesses.
Before the launch, Ali said persons selected for financing would be publicly identified and members of the public allowed to raise objections. He presented the proposal as a safeguard against related persons or established businesses dominating a programme intended to widen access to credit.
APNU subsequently questioned how publication of prospective borrowers’ names would comply with the legislation governing the bank. The party said it supported greater access to affordable financing but wanted safeguards for applicants and public funds.
The institution’s governance has also attracted scrutiny. Chartered accountant and attorney Christopher Ram and APNU parliamentarian Terrence Campbell raised concerns about political influence and financial safeguards, including the bank’s exemption from the Financial Institutions Act and ministerial appointment of its board.
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