30% of applications submitted to Development Bank relate to Agriculture sector -says President

The inaugural Farmers’ Conference opened today at the Arthur Chung Conference Center with President Irfaan Ali disclosing that almost 30% of the applications submitted to the Guyana Development Bank since its launch last week, are related to the Agriculture Sector.

He said that percentage is a reflection of the growing interest in the Agriculture Sector, which accounts for 6% of the country’s Gross Domestic Product (GDP), and one-fifth of the non-oil GDP.

“If there is one indication as to how the policy direction is leading to a new wave of excitement, a new wave in agriculture, is this fact, that almost 30% of all of the applications so far in the Development Bank is in the Agriculture Sector, almost 30%,” he said.

According to the President, the Agriculture sector had seen a decline in private investments in the past, with many large and medium sized farmers scaling back their operations. But he believes that is now changing.

“Today, not only have we brought back production and instilled confidence in the system, but we are nurturing a new generation of young Guyanese who see a future in agriculture, who see a future in investing in agriculture,” the President said.

He said to attract further investment to the Agriculture Sector; the Government will be working with the local commercial banks to make additional concessions available to those in the sector.

“We have brought all of the commercial banks together and we are currently negotiating with them to offer the same type of incentives that we offer for low-income housing to the banks for loans to agriculture so that those who want to go into more medium, large-scale production can get those loans at afford rates,” the President said.

He said Republic Bank has already agreed to set aside resources for agricultural loans at preferential rates. However, those rates are still being negotiated.

Demerara Bank is also offering special loans to poultry farms, and the Government is in talks with the financial institution to offer additional incentives to farmers.

With added financial resources, farmers, the President said, will be able to scale up production to meet the demands of both the local and international markets.

Minister of Agriculture, Zulfikar Mustapha said the Agriculture Sector remains critical to the country’s economy, and remains on par with the country’s rapid growth and development.

He urged the farmers present to network and capitalize on the existing opportunities to further advance the sector.

“Today is about something bigger. Today is about contributing to a national action plan. Today is about helping to shape the policies and programmes that will help to support thousands of farmers, create opportunities for future generations, and strengthen Guyana’s role as a leader in regional food security,” he said.

Minister Mustapha explained that on the regional stage, Guyana is leading CARICOM’s push towards food security through the expansion of the Agriculture Sector with the intention of reducing the import bill.

The Farmers’ Conference, the first of its kind, is among activities being held in observance of Agriculture Month, which is being observed under the theme “Innovate, Nourish, Grow: Building a strong and sustainable Guyana.”

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