US$200M fund to support small and medium-sized enterprises

President Irfaan Ali today announced the creation of a US$200 million fund aimed at supporting small and medium-sized enterprises (SMEs) across the country, as part of broader efforts to drive economic growth and boost local entrepreneurship.

Speaking before a crowd of more than 25,000 supporters at the PPP/C rally in Albion, Berbice, Ali said the initiative would provide businesses with improved access to capital and financial services.

“The Vice President, the Prime Minister spoke about our small and medium-sized enterprises. Let me tell you from Albion, Region Six today that we are going to set up a fund… a fund of 200 million US dollars to support our small and medium-sized enterprises,” he said.

Ali added that the government plans to modernise the country’s financial architecture to enable more efficient business transactions nationwide.

“We are going to modernise the financial architecture of our country so that from your homes, from your bedroom, you can transact any business in Georgetown with the power of one card,” he said.

The SME fund is one element of a sweeping development agenda. For Region Six, this includes new infrastructure, housing, educational institutions and agricultural support. The government has said it aims to invest directly in citizens, co-invest with them, and offer low-interest loans to spur private-sector growth.

Ali framed the programme as a way to create jobs, generate wealth, and build a more sustainable and diversified economy.