Senior Minister in the Office of the President with responsibility for Finance Dr Ashni Singh on Wednesday urged local businesses to explore financing available under a £3 billion facility offered by UK Export Finance (UKEF).
Singh made the call at a private-sector workshop hosted by the British High Commission and UKEF at the World Trade Centre, Kingston, Georgetown.
The workshop, held under the theme “Unlocking Financing Opportunities for Guyanese Businesses”, provided information on accessing UK-backed credit to purchase equipment, technology and other goods and services. Renewable energy, transport infrastructure, healthcare and agriculture are among the priority sectors.
Singh said UKEF’s decision in October last year to increase its export financing support for Guyana to £3 billion reflected confidence in the commercial opportunities available here.
He added that most of the financing remained available since the government had utilised only a small portion.
According to Singh, eligibility requires that at least 20% of the goods and services associated with a project be sourced from UK businesses. He said some local companies might already be purchasing UK products and could therefore qualify for financing or other support from UKEF.
The minister also called on local banks to adopt more accommodating lending policies without compromising prudential standards. He encouraged businesses to examine external financing options to supplement the credit available locally.
Singh said credit to Guyana’s private sector more than doubled between the end of 2020 and the end of 2025, driven by demand in agriculture, mining and quarrying, manufacturing, services and the mortgage market.
During the same period, he said, non-performing loans declined from 10.8% to 1.3%. Singh argued that this indicated that the increased demand was largely generated by viable projects.
Financing provided to businesses here by external institutions has also increased. According to Singh, cumulative financing from IDB Invest rose from less than US$10 million in 2020 to more than US$260 million.
He said the institution had approved its largest domestic transaction one day before the workshop, but the release did not identify the transaction or disclose its value.
British High Commissioner to Guyana Joseph Fisher noted that this year marked the 60th anniversary of diplomatic relations between Guyana and the United Kingdom.
He said Guyana was the UK’s largest trading partner in the Commonwealth Caribbean by a substantial margin and that bilateral trade continued to grow.
During its presentation, the UKEF team said financing could be arranged in more than 60 currencies, including United States dollars, pounds sterling and euros.
Support is available through a bank guarantee, under which UKEF serves as a credit enhancer to reduce borrowing costs, or, in limited circumstances, through direct lending at a fixed interest rate.
The agency also outlined its Standard Buyer Loan Guarantee and Guarantee for Repeat Orders. Both facilities can finance up to 85% of the value of a contract and typically support bank lending ranging from £1 million to £30 million.
The facilities attract a support fee, which may be included in the loan, the UKEF representatives said.
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