IFC should do more in Guyana

GEORGETOWN, Guyana, CMC – The Senior Minister in the Office of the President with Responsibility for Finance in Guyana, Dr. Ashni Singh has called on the International Finance Corporation (IFC) to do more in Guyana as the country is booming with investment opportunities.

He noted that Guyanese producers have been providing goods and services locally and regionally displaying growth potential and to meet the growing demand they require support.

“And you, the IFC need to step up and do more in Guyana,” the senior minister said, during the IFC’s Private Sector Day engagement  on Wednesday.

Singh said although the country is undergoing significant transformation due to the booming oil and gas sector, the government remains steadfast in its efforts to develop other sectors to ensure Guyana is a large and globally competitive non-oil economy.

To this end, the minister urged members of the private sector to be innovative by identifying new and previously unexplored opportunities that can become viable businesses.

“You know the government’s position, we want you to produce as more as possible and to be as competitive as possible and to be able to grow your business, create jobs, generate incomes,” he said.

Similarly, Singh said financial institutions are yet to innovate in the way that is needed for the current economic developments, as he encouraged them to move beyond the traditional collateral-based loans.

The minister said if legal impediments are in the way of achieving this, the government will address those without compromising the prudential norms and quality of the country’s regulation and supervision.

The IFC is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development.

It is currently based in 100 countries.

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