Pas Cargo Guyana Inc has become the first local private sector company to secure a loan from IDB Lab, according to the Ministry of Finance.
The agreement was signed on Monday at the ministry in the presence of Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh.
However, the ministry’s release yesterday did not disclose the value of the loan.
Pas Cargo Executive Director Shridat Narine signed on behalf of the company, while IDB Lab General Manager Graham Macmillan signed for the financial institution.
IDB Lab is the innovation and venture-capital arm of the Inter-American Development Bank Group. It provides financing and support for start-ups and other businesses in Latin America and the Caribbean.
Pas Cargo was established in Georgetown in 2012 and offers freight forwarding, cargo handling, customs brokerage, warehousing and last-mile delivery services.
Narine said the loan represented a breakthrough for the company after 14 years of operation. He also praised the assistance provided by IDB Lab during the application process.
Macmillan, who was making his first official visit to Guyana, expressed the hope that other local companies would access financing from IDB Lab.
Singh congratulated Pas Cargo and urged other Guyanese businesses to pursue financing from IDB Lab and the private-sector arms of international financial institutions.
Before the signing, Singh and ministry officials met Macmillan and IDB Group Country Representative in Guyana Lorena Solórzano-Salazar.
According to the release, the discussions focused on expanding the IDB Group’s private-sector activities and financing more projects in Guyana.
Also present were Ministry of Finance Chief Planning Officer Dr Tarachand Balgobin, Guyana’s counsellor to the IDB Board Navita Anganu-Ramroop and IDB Lab Private Sector Development Consultant Maria Niles.
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