Thousands of startups and other small businesses have been developed over the past several years, a feat Vice President Dr. Bharrat Jagdeo attributed to key incentives and enabling government policies.

Jagdeo also told reporters at his Thursday press conference that over 2,000 new contractors with the capacity to execute smaller, community projects, have also been supported.

These developments, the Vice President posited, result from the government’s concerted effort to guarantee that locals are supported and empowered.

“We have done that through the incentive regimes in place.

“We have put in place a system where more people have received direct transfers from the government (and) co-investment in some areas,” Jagdeo said.

This focus of the government to empower new businesses and contractors is part of a strategy to guarantee that the business and financial sectors develop in line with the country’s economic expansion.

Outside of direct government support, Jagdeo also explained that the government is pursuing key policies that will help safeguard the financial sector. Those policies include those for the Anti-Money Laundering and Counter Finance of Terrorism (AML/CFT) regime.