The opening of Demerara Bank’s eighth branch at Mahaica is in alignment with the strategic focus and position of the government.
This pronouncement was made by President Irfaan Ali while delivering his address at the opening on Tuesday. The ceremony was also attended by Senior Minister with responsibility for Finance, Ashni Singh, and Chairman of the Board of Directors of Demerara Bank Limited, Dr Yesu Persaud.
Demerara Bank’s CEO, Pravinchandra Dave, disclosed that the new bank was constructed at a cost of $500 million and includes the cost of a solar system which provides 100% renewable energy for the branch.
Even though the Mahaica branch was only officially opened on Wednesday, it has already facilitated over 1,000 new accounts and approved three loans. The building also houses the Diamond Fire and Insurance Service.
According to a statement from the Office of the President, Ali went on to emphasise his government’s responsibility to create an enabling environment with proper laws, good infrastructure, security and a supportive bureaucracy for greater reliability and efficiency.
He also pointed out the importance of public-private partnership adding that a “harmonious” relationship is essential for the development of both the country and the private sector.
“The Bank expands in an environment that it trusts, the bank expands in an environment that it has confidence in, the bank expands in an environment in which it sees itself as playing a transformational role, the bank expands in an environment in which it recognises the economic prospects for a particular region or area. It is not guess work, it is a strategic alignment with the development of the area, and the country through government policies and programmes… it is a perfect marriage,”
The President also praised the bank for its progress in the midst of the coronavirus pandemic which he opined was due to great management, leadership and a particular sense of boldness for thinking outside of the box. He compared this to other financial institutions globally that could not boast of similar success.
“And if you look at the revenue diversification… the revenue portfolio of Demerara Bank, you will see that there is a lot of thinking outside of the box. And this is what separates successful businesses from unsuccessful businesses – their ability to adapt, cope and to strategically position themselves,” Ali was quoted as saying.
President Ali also disclosed that his government will be examining areas along the Mahaica-Mahaicony corridor to cultivate new developmental hubs.
“Your Government has recognised a series of areas that will become new development hubs, new growth poles. So very soon we will be looking at all the lands on this corridor – Mahaica-Mahaicony. We will be looking at all the lands in order to come up with the perfect diversification plans.”
He went on to explain that since Mahaica and its environs are heavily dependent on rice and other agricultural endeavours, the government is looking to create an agriculture hub, including the development of aquaculture.
This, he added, will be facilitated by programmes and policies to stimulate growth and offer incentives for future investment. The president also declared, “Our intention in creating a whole new array of infrastructure is to ensure the travel time between the centre and the outskirts is not inhibitive to business development and growth,” the release added.