With an initial US$100 million injection, the government is pressing ahead with the establishment of the Guyana Development Bank.

This bank is a new initiative that will provide zero-interest loans to young entrepreneurs, women, and other groups. It has been a manifesto promise of the recently re-elected People’s Progressive Party Civic (PPP/C) government.

Dr. Singh said young business persons, women, and persons living with disabilities will be able to access up to $3 million in micro-credit loans at zero-interest with zero collateral requirement for targeted investments in specified sectors. The loans will be accompanied by mentorship and training, he added.

Beyond this, small and medium-sized enterprises will be able to access up to an additionall $7 million at preferential interest rates from some commercial banks.

Overall, Dr Singh said, the government is responding to the calls for more access to financing for select groups.