President boasts of strong investment climate and banking confidence in local private sector

President boasts of strong investment climate and banking confidence in local private sector

Credit to the Private Sector grew by more than 60% between mid-2020 and mid-2024, President Irfaan Ali announced, while making a comparative analysis between the investments made under his government and the previous APNU+AFC Government.

During a Facebook Live on Sunday afternoon, President Irfaan Ali, who is seeking re-election, said Private Sector Investment under the APNU+AFC Administration was “flat,” signaling the Private Sector’s lack of confidence in the then Administration due to its policies. 

He said over the past four years, the Private Sector has made leaps and bounds, with investments tripling. 

“Credit to the Private Sector increased by more than 60% from June 2020 to June 2024. From the time we came into government to mid of 2024, credit to the private sector grew by 60%, that is more than three times the growth in the entire APNU+AFC period,” the President said. 

The President noted that domestic credit to Central Government increased from $28B in 2014 to $148B billion by July 2020, representing a 428% increase. 

He added that credit to Central Government was 16 times higher than growth in credit to the Private Sector.

President Ali said since taking Office in August 2020, his Government has put fiscal policies and programmes in place to support the Private Sector, and further diversify the economy.

He said the result has been rapid Private Sector investment and development. 

“So, if you look at Agriculture for example, in the mid-2020, when we came into office, to mid-2024, private investment in agriculture went from $12.5B to $24.6B – an increase of 97%. That is the investments we are making in D&I, the investments we are making in farm to market road, the support to our farmers, the confidence we have instill back in the agriculture sector. Look at manufacturing, private sector investment in manufacturing went from $15.1B to $22.3B – an increase of 47%,” the President explained. 

Private Sector Investment in the Construction Sector grew by 93% between mid-2020 and mid-2024, from $10.6B to $20.4B; while investment in mining increased from $4.2B to $6.9B, representing a 65% increase. 

Other sectors grew by 124% from $47.8B in mid-2020 to $107.2B in mid-2020. Real Estate Mortgage also increased from $88.7B to $140.2B. 

Additionally, between 2021 and 2023, Foreign Direct Investment amounted to US$16.1B, more than three times the level reported under the APNU+AFC. Guyana, during this period, recorded the highest FDI inflows in the Caribbean, the President said while alluding to the United Nations (UN) Economic Commission for Latin America and the Caribbean (ECLAC) Foreign Direct Investment in Latin America and the Caribbean 2024 Report.  

President Ali said these private sector investments have created tens of thousands of jobs across various sectors. 

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