Pas Cargo Guyana Incorporated has become the first Guyanese private sector company to secure a loan through the Inter-American Development Bank’s innovation and venture arm, IDB Lab, with the agreement signed on Tuesday at the Ministry of Finance.
The signing, overseen by Senior Finance Minister Dr Ashni Singh, marks the latest milestone as more private sector entities widen their investments across the country, supported by Government efforts to foster an environment for private sector expansion.
The ceremony followed discussions between the IDB Group, comprising IDB Country Representative for Guyana Lorena Solórzano-Salazar and visiting IDB Lab General Manager Graham Macmillan, and the finance minister and his team. Macmillan, on his first official visit to Guyana, was welcomed by Singh, who congratulated him on his appointment. The two teams also discussed how they can continue working together to broaden the Bank’s private sector footprint in Guyana through financial assistance for more projects countrywide, a Ministry of Finance release said.
Signing on behalf of Pas Cargo was Executive Director Shridat Narine, while Macmillan signed on behalf of the Bank.
Established in Georgetown in 2012, Pas Cargo provides logistics and freight-forwarding services, including cargo handling, customs brokerage, warehousing and last-mile delivery. The loan represents IDB Lab’s first to a Guyanese private sector company and marks a milestone in the Bank’s support for locally led innovation and enterprise growth.
Singh congratulated Pas Cargo on the breakthrough and reiterated Government’s support for such ventures, encouraging more Guyanese companies to engage with IDB Lab and other private sector arms of international financial institutions.
Macmillan said he was pleased to be part of Pas Cargo’s milestone as the first Guyanese company to secure such a loan, expressing hope for more to come.
Narine said the loan application process was a positive experience, with the IDB Lab team assisting the company through all stages. He said the breakthrough resonates strongly with the company, which has operated in Guyana for 14 years, since before the country began producing oil.
IDB Lab is the innovation and venture arm of the IDB, focused on entrepreneurship and technology to co-create solutions for development challenges and spark new industries for growth in Latin America and the Caribbean. It supports high-impact startups and the innovation ecosystems they need through flexible financing, practical knowledge and global connections.
The Government continues to encourage investment to drive economic growth, with a broad-based strategy promoting growth in the non-oil economy across key sectors including construction, agriculture, tourism, mining, manufacturing and logistics, the release said.
Also in attendance were Dr Tarachand Balgobin, Chief Planning Officer at the Ministry of Finance; Navita Anganu-Ramroop, Guyana’s Counsellor to the IDB Board; and Maria Niles, Private Sector Development Consultant at IDB Lab.
