By Antonio Dey | HGP Nightly News |
GEORGETOWN, GUYANA — In a major financial milestone fulfilling a key executive pledge to democratize access to business capital, the Guyana Development Bank (GDB) officially commenced operations on Monday, October 5, 2026.
The launch coincides with the formal swearing-in of a distinguished seven-member Board of Directors, chaired by former Scotiabank Guyana head Abu Zaman, with Georgetown Chamber of Commerce and Industry (GCCI) President Kathy Smith serving as Deputy Chairperson.
The newly established state-backed development lender is mandated to serve as a specialized small and medium-sized enterprise (SME) development engine, rolling out zero-collateral, zero-interest micro-credit facilities and technical support services to local entrepreneurs across the country.
Board Composition: Multi-Sectoral Expertise
The seven-member governing board brings together seasoned leadership spanning banking, enterprise development, corporate law, public finance, civil aviation, state governance, and academia:
- Chairman – Abu Zaman: Veteran retail and commercial banker, former country head of Scotiabank Guyana with over a decade of retail and small-business banking leadership; holds a Bachelor’s degree in Management and a Master of Business Administration (MBA).
- Deputy Chairperson – Kathy Smith: President of the Georgetown Chamber of Commerce and Industry (GCCI) and the first woman elected to lead the 137-year-old business support organization; brings over 20 years of private sector experience championing youth and female entrepreneurship; holds a Bachelor’s degree in Business Management and a Graduate Certificate in Management.
- Director – James Bond: Practising Attorney-at-Law with 24 years of legal jurisprudence; Member of Parliament for the People’s Progressive Party/Civic (PPP/C), Senior Legal Advisor to the Ministry of Public Utilities and Aviation, and Managing Director of Bond Optimum.
- Director – Sukrishnalall Pasha: Finance Secretary in the Ministry of Finance and Chairman of the Bureau of Statistics; former Commissioner of the Public Procurement Commission (PPC), former Chairman of the Small Business Council (SBC), and Senior Lecturer at the University of Guyana (UG).
- Director – Dion Inniss: Senior corporate aviation executive and industry professional.
- Director – Nalinie Singh: Governance reform strategist and institutional policy analyst.
- Director – Praem Rambharak: Educator, business mentor, and small-business advocate.
Financing Parameters: Zero-Interest, Zero-Collateral Loans up to G$3M
The operationalization of the GDB fulfills a direct policy commitment made under the National Budget 2026 to eliminate traditional banking roadblocks—specifically prohibitive interest rates and burdensome collateral requirements—for micro and small business operators:
- Loan Ceiling: Eligible small and medium-sized enterprises can access financing facilities of up to $3 million (GYD).
- Lending Terms: All micro-credit lines under the flagship small-business window are issued on a zero-collateral, zero-interest basis, directly removing commercial lending barriers for vulnerable and emerging entrepreneurs.
- Capacity Building: Alongside liquidity injections, the bank will deliver advisory, financial literacy, and technical mentoring services to bolster business continuity and scale-up capacity.
Legislative Journey and Digital Access
The institutional rollout follows swift passage through the 12th Parliament earlier in the year:
- Legislative Timetable: The Guyana Development Bank Bill had its first reading in the National Assembly on June 5, 2026, was successfully debated and passed on July 27, 2026, and received formal Presidential Assent on July 30, 2026.
- Statutory Term: The newly sworn-in board’s initial statutory tenure extends from October 5, 2026, through December 31, 2027.
- Public Access: The bank’s loan applications, eligibility guidelines, and business support portals are accessible nationwide via its official digital platform at gdb.gov.gy.
