Guyana Development Bank Names Inaugural Board as New SME Financing Institution Begins Operations

Staff Writer

The Guyana Development Bank has announced its inaugural Board of Directors, marking another major step in establishing the new state-backed institution intended to expand access to financing for small and medium-sized enterprises across Guyana.

Business executive Abu Zaman has been appointed Chairman, while Kathy Smith will serve as Deputy Chairperson. According to information released about the Bank’s leadership, Zaman brings experience in retail, small-business banking, financial services, and institutional oversight, while Smith has more than two decades of public- and private-sector experience, including work in business, energy, and workforce development.

The other directors named are attorney-at-law and Member of Parliament James Bond, financial analyst and academic Sukrishnall Pasha, aviation executive Dion Inniss, governance reform strategist Nalini Singh, and educator and entrepreneur Praem Rambharak.

The appointments follow several legislative and policy steps taken during 2026 to establish the Development Bank.

According to the information released, the initiative originated as a commitment in the PPP/C’s 2025 manifesto to establish an SME Development Bank that would offer zero-interest financing and mentorship to small businesses.

Budget 2026 subsequently allocated more than G$20 billion to the initiative and outlined plans for zero-interest loans of up to G$3 million for eligible small and medium-sized businesses.

The Guyana Development Bank Bill was published in June and passed by the National Assembly on July 27. Presidential assent followed on July 30, and the legislation was published in the Official Gazette the same day.

A commencement order was subsequently signed on September 16 and published on September 19, setting October 5, 2026 as the date on which the Guyana Development Bank Act would come into operation.

The inaugural directors have been appointed with effect from October 5, with an initial term running until December 31, 2027.

The launch of the institution is expected to attract significant interest from entrepreneurs, particularly those who have traditionally struggled to access commercial financing due to collateral requirements or high borrowing costs.

Attention will now turn to the Bank’s application process, eligibility requirements, assessment criteria, repayment arrangements, and the measures the institution will take to ensure transparent and equitable access to financing.

For prospective entrepreneurs, the central message remains important: while zero-interest, no-collateral financing could significantly reduce barriers to starting or expanding a business, the financing is a loan, not a cash grant.