The Government of Guyana has announced a seven-member Board of Directors that will lead the Guyana Development Bank, which comes into operation today.

It was announced that Abu Zaman will serve as the Chairman of the Bank. Zaman, is currently the Chief Administrative Officer of ENet, Chairman of the Small Business Council, and Chairman of the Public Accountability and Oversight Committee of the Natural Resource Fund.

The Bank’s Deputy Chairperson, is Ms. Kathy Smith, who is the current President of the Georgetown Chamber of Commerce and Industry and is Vice Chairperson of the Private Sector Commission.

The other Directors are Finance Secretary at the Ministry of Finance, Sukrishnalall Pasha, Attorney-at-law and Government Member of Parliament, James Bond,  Dion Inniss, Nalinie Singh and Praem Rambharak.

The Development Bank will provide small and medium size enterprises and budding entrepreneurs with access to loans of up to $3 million at a zero per cent interest rate.

The programme will also pair financing with mentorship and training to help businesses grow and improve their chances of long-term success with thousands are expected to benefit in the first phase with the amin focus on the productive sector, although persons with businesses ideas for every sector will also be considered.

Earlier this year the government passed the Guyana Development Bank Bill, paving the way for the establishment of a state-owned financial institution designed to improve access to financing for small and medium-sized enterprises.

The Government described the initiative as a key component of the government’s strategy to unlock financing for entrepreneurs who have traditionally struggled to access commercial credit. He said the bank will support investment in sectors including agriculture, manufacturing, services, transportation, and retail, while encouraging innovation and job creation.

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