Tourism businesses, from small lodges to tour operators, stand to gain from affordable financing with the launch of the Guyana Development Bank, the Tourism and Hospitality Association of Guyana (THAG) said.

The association congratulated the Government on the launch of the bank, which it described as "an important milestone in Guyana's development".

THAG said the institution is a significant step towards expanding access to financing, stimulating entrepreneurship and strengthening small and medium-sized enterprises (SMEs). It added that the bank will also create opportunities for more Guyanese to participate meaningfully in the country's economic transformation.
For the tourism sector in particular, the association said, such financing is critical.

"For the tourism and hospitality sector, access to affordable financing is especially critical. Our industry is driven by entrepreneurs, from hotels, resorts, lodges and restaurants to tour operators, transportation providers, attractions, community tourism enterprises and the many small businesses that form part of the tourism value chain," it said.

Against that backdrop, THAG welcomed the bank as a new avenue through which businesses can invest, expand, innovate and improve the quality and competitiveness of their products and services.

The association cautioned, however, that as Guyana establishes itself as an emerging tourism destination, greater access to capital must be matched by capacity building, innovation, sustainability and the development of internationally competitive businesses.

It also said it was particularly encouraged by the bank's focus on SMEs, young entrepreneurs, women and other emerging business owners.

"The launch of the Guyana Development Bank is therefore more than the establishment of another financial institution. It represents an investment in Guyanese enterprise, Guyanese ideas and Guyanese potential," THAG said.

Looking ahead, the association said it looks forward to working with the Government and the bank to ensure tourism and hospitality businesses across the country can access the opportunities and contribute to employment, community development, economic diversification and the growth of "Destination Guyana".