Gov’t to create easier access to financing for private sector

–President tells Region Three Chamber

President Irfaan Ali has made a pledge to the business community that if re-elected his government will work to create co-investment opportunities with the private sector and in so doing, create easier access to financing.

Referring to an Inter-American Development Bank study which shows that credit to the private sector in Guyana remains “well below” the regional average, Ali on Monday disclosed that government was pursuing initiatives that could change this.

“The Inter-American Development Bank did a study of our financial sector entitled, ‘Review of Financial Development and Inclusion for Guyana: Assessment and Options for Reform.’ [It] found that the number of loan accounts and credit to the private sector remain well below regional and global averages and that banks enjoy high profit margins and large interest rate spreads, indicating weak competition and high borrowing costs. And this is something that we are working with the banking sector to fix,” the President told hundreds of attendees at a Region Three Chamber of Commerce and Industry’s (R3CCI) organised  Business Networking event held at the Rose Ann Banquet Hall in Parika.