Head of the Health Sector Development Unit (HSDU) and recently appointed Advisor to President Donald Ramotar, Keith Burrowes, has told Stabroek Business that the creation of a blueprint for the setting up of a Development Bank in Guyana will be undertaken in collaboration with the private sector.
The recent announcement of Burrowes’ s appointment as a presidential advisor, was attended by the disclosure that among other things his work in that capacity will include assignments relating to the conceptualization of a Development Bank. During an interview with this newspaper last Wednesday Burrowes confirmed that among the “areas of proposed projects” which he had discussed with the President was “the creation of a white paper on the establishment of a Development Bank” in Guyana.
Burrowes said he had noted the reference made to the importance of setting up a Development Bank by President of the Georgetown Chamber of Commerce and Industry (GCCI) Clinton Urling. “I was pleased to see that the private sector appears to have the creation of a Development Bank on its own front burner and that fact certainly lays a foundation for the envisaged discussions,” Burrowes said.
Commenting on the significance of the creation of a financial institution which has been mooted by the private sector for several years Burrowes said Guyana needed “a bank that would enable clients to borrow long term in order to assist with recapitalization. We need to create a robust lending base in order to support the continued growth of the agricultural and manufacturing sectors and those major long-term lending arrangements cannot be shouldered by the commercial banks alone,” Burrowes said.
And Burrowes told Stabroek Business that he felt compelled to clarify the reference made in public statements announcing his appointment as a presidential advisor that he would be responsible for providing advice on matters relating to finance. “That requires some explaining. The fact of the matter is that I am not a financial advisor to the President, per se. It is no secret that the President has a highly capable team of advisors on matters of finance, the leading advisor in that regard being the Minister of Finance. I expect, however, that there will be occasions on which my advice will be sought but only in relation to the financial aspects of those projects in which I am involved,” Burrowes said.
Meanwhile the newly appointed presidential advisor told Stabroek Business that he had also discussed with President Ramotar possible assignments relating to the creation of consultancy and project management databases as well as the presentation of a White Paper on the establishment of a single facility to provide core services to the elderly.
