GEORGETOWN, Guyana (CMC) — A senior Guyana government minister is calling on the Washington-based Inter-American Development Bank (IDB) to work closely with the private sector in an effort to increase local capacity.

“I would urge IDB Invest to work closely with as many Guyanese companies as you can to bring them up to the point where they’re able to access financing from the IDB, not only in the interest of concluding a transaction but also in the interest of them being able to participate in the modern world, the modern way of doing business,” said the Senior Minister in the Office of the President with Responsibility for Finance Dr Ashni Singh.

Addressing the launch of the IDB Invest, Caribbean-Suriname and Guyana Edition Workshop, Singh said with Guyana being the first Caribbean nation to benefit from the workshop, the occasion is extremely important and the Government is delighted to see the IDB’s private sector making strides in getting more involved with Guyana’s private sector.

However, he said there is much more to be done, noting that there are endless opportunities in Guyana’s economic landscape, whether they be large, medium, or small investments.

Singh also urged the local private sector to take advantage of opportunities that are in store, and to consider IDB Invest as a viable option for raising finances for investments.

“It might seem, initially, that the barriers to entry are a little bit high but the reality is that in today’s world, even if you don’t meet those standards in relation to raising your financing with the IDB, if you want to do business with major companies around the world, including the oil and gas sector, chances are you are going to have to comply with most of those standards anyhow,” he said.

The private sector was also urged to engage representatives of IDB present at the workshop, to better understand the requirements for financial assistance from the institution.

Country representative of the IDB Group, Lorena Solórzano said that already US$58 million in transactions have been approved for Guyana’s local private sector, adding this is a testament to the financial institution’s commitment to working with Guyana’s private sector.

“To date, we have approved eight transactions … in agri-business, transport and logistics, financial, in [the] energy sector, and it’s our commitment to keep rolling those numbers,” Solórzano said.

The series of workshops is designed to match the local private sector needs with the IDB’s private sector in various areas, including energy, modernisation of the agriculture sector, and strengthening the transportation system, among others.