Govt has distributed over $1B to 4,000 SMEs – President Ali

– GuyExpo 2024 opens

President Dr Mohamed Irfaan Ali has underscored that the government has directly supported small and medium sized businesses (SMEs) by distributing over $1 billion, benefitting 4,000 SMEs.

Additionally, the government has provided training to more than 10,000 businesses across the nation.

The president was at the time delivering the feature address at the opening ceremony for Guyexpo at the National Exhibition Centre in Sophia, Greater Georgetown, Thursday night.

“These results are not accidental or by chance. They are by a carefully articulated vision, backed by hard work and commitment, sound policy-making matrix and financial prudence,” he underlined.

The government’s robust partnerships with local institutions have facilitated hundreds of new loan, totalling billions of dollars to SMEs.

The government also unlocked the possibilities of SMEs acquiring capital with targeted policies that supported the financial institutions and reducing the risks in lending to SMEs.

President Ali explained that thousands women nationwide received training in various programmes, empowering them to own businesses.

This, he added, has enabled them to make their own decisions to lead prosperous and fulfilling lives.

“And look at the size of our procurement budget. And 20 per cent of all our procurement goes to SMEs. This is the reality. This is what defines our economy today,” the head of state emphasised.

President Ali stated that the entrepreneurial distribution grant saw the distribution of over 23,000 startup grants.

He further pointed out, “Our local private sector is answering the call of economic diversification and transformation. They are answering because they understand the policies and the impact of the policy and they are embracing the strength of the  collective future all of us have.”

Meanwhile, he highlighted that Guyexpo 2024 is a celebration of entrepreneurship, productivity, creativity and the gains of the policy-making matrix.

This Guyexpo is the collective will of the private sector focusing heavily on SMEs, he added.

Guyexpo 2024 is themed, “Guyana on Show: The Fastest Growing Economy” will run from November 15 to 17.

The event will feature a diverse range of local and regional businesses, offering a platform for entrepreneurs to network and negotiate with international companies, while showcasing their skills, products and services.

The exposition’s key collaborators include the Ministry of Tourism, Industry and Commerce, GO-INVEST, and the private sector.

Prime Minister, Brigadier (Ret’d), Mark Phillips, government ministers, representatives from the diplomatic community and the private sector were also present at the event.