The Guyana Development Bank is taking shape, with President Irfaan Ali saying the government is now putting together the bank’s board and wider structure.
Ali said on August 18 that the government hopes to operationalize the institution within the coming weeks, with staff also expected to be put in place.
“We have been overwhelmed. There are a lot of persons who are very interested in being part of the Guyana Development Bank… We’re [the government] working out details to see if we can have desks established in commercial banks, having regional facilitators to bring together interested persons in the Development Bank,” Ali said.
The latest development follows the establishment of the bank’s legal framework, marking a step toward bringing the project to fruition.
The Development Bank timeline
- 2020: The Development Bank was first proposed in the People’s Progressive Party/Civic’s (PPP/C) election manifesto, to support small and medium-sized enterprises (SMEs).
- 2025: Government further talks about the institution, releasing more information on how it will operate.
- June 4, 2026: The draft Guyana Development Bank Bill was published in the Official Gazette, setting out the proposed structure, mandate and operating framework.
- July 27, 2026: The National Assembly passed the Guyana Development Bank Bill 2026.
What the bank is intended to do
The bank is designed to expand access to financing for SMEs and provide entrepreneurs with capital and technical support.
Among the proposed financing options are:
- Microcredit loans of up to GY$3 million (approximately US$14,400) for qualifying borrowers.
- Secured and unsecured loans, depending on the borrower and risk assessment.
- Other credit facilities and financing instruments to support businesses.
The government is expected to provide the bank with GY$40 billion (US$192 million) in authorized capital, with funding to come through parliamentary allocations and government financial instruments. The capital may be disbursed over time with ministerial approval.
What happens with the board?
The board will be responsible for overseeing the bank and providing its strategic direction.
Under the Guyana Development Bank Bill 2026, it will:
- Approve credit, risk and governance policies.
- Oversee management performance.
- Ensure the bank operates in accordance with the law.
- Provide overall oversight of the institution.
The Minister responsible for Finance will appoint the Directors. The Board will have between five and nine members, with appointees required to have experience in areas such as finance, economics, banking or law.
The legislation also sets out eligibility requirements for Directors, excluding bankrupt people, those convicted of serious offenses or those considered unfit because of misconduct.
A Chief Executive Officer (CEO) will be appointed by the board to manage the bank’s day-to-day operations. The CEO will oversee staff and lending activities, represent the bank officially and implement decisions approved by the board.
