The Canadian Government has pledged to continue working with Guyana in the area of finance and security. Guyana has now launched its own Credit Bureau with assistance and support from Canada.
Speaking at the launching of the Credit Bureau on Friday night, Canadian High Commissioner to Guyana, Dr. Nicole Giles said “the establishment of the credit bureau is a significant milestone in the development of Guyana’s financial sector.”
The High Commissioner added the Government of Canada, through the International Finance Corporation, has been a keen supporter of initiatives designed to enhance access to credit in Guyana and the Caribbean. She said the IFC is delivering technical assistance to improve risk management by financial institutions, to strengthen institutions in the financial sector and, more specifically in this instance, to draft the credit bureau legislation, train the credit bureau operator in technical supervision and recruitment of the provider.
The Credit Bureau is expected to make it easier for Guyanese to access credit and loans in a more secure manner for both them and the financial institutions they will have to work along with.
High Commissioner Giles noted that access to credit is an important priority for Canada’s development cooperation in the Caribbean. It is a key building block to establish more receptive frameworks for entrepreneurship and private sector investments which, in turn, are crucial for Sustainable Economic Growth.
“Our development initiatives for the region, and by extension Guyana, have been strategically clustered around this overall goal of enhancing Sustainable Economic Growth. We believe that a more integrated Caribbean region will be better positioned to compete in the global economy, contributing to the welfare, prosperity and security of its people”, the High Commissioner noted.
Canada, she said, will continue to support initiatives in Guyana that are meant to support the economy. Dr. Giles said the presence of Canada’s largest banks, and of over thirty Canadian companies in Guyana’s extractive sector, “are to our mutual benefit and speak to our growing commercial relationship”. She noted that Canadian businesses have much to offer as they continue to contribute to job creation and prosperity in Guyana.
“Canada is committed to promoting good Corporate Social Responsibility practices by Canadian companies, and will continue to take a leadership role in encouraging transparency in the extractive sector”, Dr. Giles told the launch event.