Vice President Bharrat Jagdeo today announced that the Government has commenced work for the establishment of a bank that will offer zero-interest to benefit mostly those business owners who are finding it difficult to access loans through the formal banking system.

The creation of a Development Bank was a campaign promise of the People’s Progressive Party, and Mr. Jagdeo told reporters this afternoon that the Government is hoping to deliver on that promise very early in its second term.

Already he said the first draft of a concept paper on the Bank’s intended operations has been submitted.

He said the Government will be pushing for an early 2026 budget to make funds available to kick start the process for the establishment of the Development Bank.

“We want a early budget next year, where we will be putting part of the financing to start the bank in the budget, we hope that before the end of next year this bank will be fully established and functional, that capitals would be put in and that all the parameters for lending these resources would have been in place and met so that we can start delivering on this promise very early in the new term,” Mr. Jagdeo said.

The aim, Mr. Jagdeo said, is to ensure that everyone has equal access to financing.

Additionally, he promised to reform the formal banking system, so that certain transactions could become easier.

‘We will ensure that the formal banking system is reformed in a way that they can have easier access to capital and at greater magnitudes. We will work with the banking systems to develop a range of instruments from discounting trade invoices, to project financing, to commercial bank financing that would allow Guyanese to better use the banking system to support their business need,” Mr. Jagdeo said.

Vice President Jagdeo said the aim is to ensure that there is leveled playing field in the financial system. He also hinted at a structured system for financial transactions to be undertaken by Guyanese anywhere in the world.

He also said there will be an aggressive Central Bank that would allow the Government to deliver on the growth of the financial sector. Earlier this week, President Irfaan Ali held discussions with key officials of commercial banks in Guyana on the issue of the demand for foreign exchange, and the growing business sector.

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