GCCI calls for establishment of development bank

The Georgetown Chamber of Commerce and Industry (GCCI) has called for the development of proper financial markets, the strengthening of the stock market, and the establishment of a development bank to support local enterprises.

These assertions were made in the Chamber’s Annual Report 2024-2025, which was made public last week.

According to the agency, at this juncture of the nation’s development, where there is a keen focus on investment and diversification of the economy, the lack of proper financial markets, the underdeveloped stock market, and the need for a development bank must be addressed.

It noted its own efforts, having partnered last year with the Jamaica Stock Market to develop a Junior Stock Market here.

The Guyana Bank for Trade and Industry (GBTI) has introduced a specialised financial programme, GBTI Grow, for micro, small, and medium-sized enterprises (MSMEs), which offers flexible secured and unsecured loans at competitive interest rates.

On the government side, the GCCI said it is pleased with the administration’s amendment to the Financial Institutions Act, which allows foreign financial institutions to set up shop here.

“Similarly, the Security Interests in Moveable Property Act, which now allows moveable assets such as equipment, vehicles, inventory, crops, livestock, and intellectual property to be used as collateral for accessing credit, is anticipated to be a catalyst for the development of enterprise in Guyana and a driver of economic growth,” the GCCI added.

The chamber noted further, however, that despite these strides, the country’s business landscape continues to be affected by an interconnected issue involving access to foreign currency. It said much more effort is needed to address this situation.