ALI ANNOUNCES PLANS FOR LOWER-INTEREST AGRICULTURAL LOANS AS BANKS MOVE TO EXPAND FARM FINANCING

GEORGETOWN, GUYANA | OCTOBER 13, 2026 — President Dr Mohamed Irfaan Ali has announced that the government is negotiating preferential lending rates with commercial banks to make financing more accessible to farmers seeking to expand into medium- and large-scale agricultural production.

Speaking at the inaugural Farmers’ Conference at the Arthur Chung Conference Centre in Liliendaal on Monday, October 12, President Ali disclosed that Republic Bank has already committed to allocating resources for agricultural loans, while discussions continue to determine the interest rate and financing arrangements.

“Already, we have the commitment from Republic Bank that they are going to set aside resources for agricultural loans at a preferential rate, and we are negotiating that rate, which I hope can be announced even before the end of the conference, at the end of this week,” the president said.

According to Ali, the government is seeking to establish agricultural financing arrangements with incentives similar to those offered under the country’s low-income housing loan programme. The initiative is intended to improve farmers’ access to commercial credit and support increased investment in agricultural production.

The president also referenced Demerara Bank’s existing poultry financing programme, which offers loans at an interest rate of five percent. He indicated that the government is working to incorporate those loans into the proposed preferential financing framework.

“That is what we do every single day for farmers. We work hard. We try to bring the private sector along. We improve the financial sector so that we can tackle the challenges farmers face in a multidimensional way,” Ali stated.

The announcement comes as agricultural businesses account for a substantial share of applications to the newly established Guyana Development Bank. According to the president, almost 30 percent of applications received since the bank began operations just over a week earlier were submitted by individuals and businesses in the agricultural sector.

“If there is one indication as to how the policy direction is leading to a new wave of excitement, a new wave in agriculture, it is this fact that almost 30 percent of all the applications so far in the development bank are in the agricultural sector,” Ali said.

The president contrasted the current investment climate with conditions in 2020, when he said several large agricultural producers were reducing investments and some medium-sized operators, particularly in the rice and poultry industries, were leaving the sector.

He reported that agricultural production has since recovered, with growing interest from young entrepreneurs establishing investment groups and partnerships in poultry farming and other agricultural activities.

Referring to the International Monetary Fund’s latest assessment of Guyana’s economy, Ali stated that agriculture has recorded average annual growth of approximately 10 percent since 2022. The sector now accounts for about six percent of the country’s gross domestic product and approximately one-fifth of non-oil GDP, according to figures cited by the president.

Ali attributed the sector’s expansion to government investment, subsidies and agricultural policies, while emphasizing the importance of continued private-sector participation in sustaining production.

The proposed preferential loan arrangements have not yet been finalized, and details concerning interest rates, eligibility requirements, repayment periods and lending conditions remain to be announced.

The Farmers’ Conference forms part of Guyana’s Agriculture Month activities, being observed under the theme “Innovate, Nourish, Grow: Building a Strong and Sustainable Guyana.”