Guyana’s Parliament has approved legislation to establish a new development bank aimed at improving access to financing for small and medium-sized enterprises (SMEs).

During his contribution to the Guyana Development Bank Bill 2026 on July 27, Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh, said the bank seeks to create a pathway for many many small and family-owned businesses to access the finances needed to grow.

Singh explained SMEs have played an important role in Guyana’s economic development but have struggled to secure financing needed to expand.

“This bill seeks to establish a development bank that will provide loans, small loans, to SMEs in Guyana, loans of up to GYD$3 million, free of interest, and free of collateral,” Singh told the National Assembly.

Minister of Agriculture Zulfikar Mustapha said the new institution will also help extend economic opportunities to communities across Guyana, including rural and hinterland areas.

He highlighted that many farmers, small manufacturers and entrepreneurs have the resources and ideas to grow their businesses but often face challenges accessing financing.

“This will be a game changer for the small farmers, for the farmers in the hinterland, for the fisherfolk and for agro-processors,” Mustapha said.

Member of Parliament Alister Charlie said the legislation will also provide greater support for entrepreneurs in indigenous communities, where farming, craft production and trade have long been important economic activities.

He said access to affordable financing has been a challenge for many entrepreneurs and described the bill as a sign of confidence in Guyanese businesses and communities.

“This legislation is about confidence in the Guyanese entrepreneur, confidence in indigenous communities, confidence in our young people, confidence in our farmers and confidence in our future,” Charlie said.

Minister of Public Service, Government Efficiency and Implementation Zulfikar Ally stated the bank will create opportunities for small entrepreneurs, farmers, young people and others seeking to establish businesses.

He added that the institution will contribute to economic diversification by enabling more Guyanese to participate in the country’s development.