Guyana’s upcoming Development Bank could become an important tool in preparing local businesses to compete for larger opportunities and eventually take on roles currently held by foreign contractors, according to Floyd Haynes, Founder and Chairman of New Hayven Merchant Bank.
During the August 6 edition of the Energy Perspectives podcast, Haynes said financing alone will not be enough to expand local participation in expanding industries such as oil and gas.
“Full disclosure, I was part of the development team, so I support it [the development bank] 100%… I think we have to have a few more developmental institutions, and one of the requirements of the new development bank is going to be that before you get a loan, you have to go through a training process,” he said.
He argued that businesses must also strengthen their technical capabilities, financial management and overall readiness to meet the requirements of major projects.
“There are a lot of online training. There are all kinds of training that one can take to enhance one’s skill, but more importantly, you have to demonstrate some level of financial literacy that you can manage finances,” Haynes said.
The Chairman explained that the long-term objective should be to build companies capable of replacing foreign firms in areas where they currently provide services.
“The goal is to create businesses that one day can step into the shoes of what is now being done by a lot of foreign companies… But to do that, you need capacity building. And for capacity building, you need several agencies performing that function,” he explained.
The National Assembly passed the Guyana Development Bank Bill of 2026 on July 27. The legislation, which must next be assented to by President Irfaan Ali, is meant to establish a legal framework for the creation of a national development bank intended to expand financing for small and medium-sized enterprises.
An important feature of the bank is its ability to provide microcredit loans of up to GY$3 million (approximately US$14,400), including financing options that may not require traditional collateral. The objective is to address one of the major barriers facing smaller businesses: access to affordable capital, while helping entrepreneurs build capacity and become more competitive.
READ MORE: Explained: The proposed Guyana Development Bank | OilNOW
