New development bank will widen access to finance for indigenous people: Parliamentarian

Guyana’s proposed Development Bank could help remove one of the biggest barriers facing Indigenous entrepreneurs by expanding access to affordable financing, lawmaker Alister Charlie said during parliamentary debate on Tuesday. Speaking in support of the Guyana Development Bank Bill 2026, Charlie said the new state-owned institution would do more than provide loans, arguing that it could help transform small businesses through technical support, financial literacy and business mentoring. “This Bill represents much more than the creation of another financial institution,” Charlie told the National Assembly. “It represents an investment in the dreams, talents and entrepreneurial spirit of ordinary Guyanese.” The legislation seeks to establish the Guyana Development Bank as a statutory body to finance and support small and medium-sized enterprises (SMEs), which the government says are key to broadening economic growth beyond the country’s booming oil sector. Charlie, an Indigenous Member of Parliament, said access to capital has long constrained businesses in hinterland and riverain communities despite generations of Indigenous entrepreneurship in agriculture, fishing, handicrafts, eco-tourism and sustainable forest management. Lawmaker Alister Charlie (DPI photo) “For generations, Indigenous communities have been entrepreneurs,” he said. “What has often been missing has been access to affordable capital.” He welcomed provisions allowing the bank to offer advisory services, business training and mentorship in addition to financing, saying, “Finance alone does not create successful businesses. Training, mentorship and sound business planning do.” Charlie said the bank could enable entrepreneurs in remote regions to expand agro-processing, craft production, eco-tourism, agriculture and information technology businesses while creating jobs within their own communities. He argued that improved access to finance would complement government investments in roads, electricity, internet connectivity and education. The proposal also aligns with Guyana’s Low Carbon Development Strategy (LCDS) 2030, which identifies support for entrepreneurship, small and medium-sized businesses and Indigenous economic development as central to building a low-carbon economy. The strategy also commits 15% of national carbon credit revenues directly to Indigenous and hinterland communities through village-led development plans. The Development Bank Bill forms part of the government’s broader effort to diversify the economy by expanding financing for productive sectors and increasing opportunities for businesses outside the country’s rapidly growing petroleum industry.