With over 2,000 grants distributed to support small businesses within the past two years, Budget 2023 caters for an increase of 40 per cent in outlays to develop small entities, Minister of Tourism, Industry and Commence, Oneidge Walrond said.
“…in the area of small business, we have disbursed well over 2,000 grants directly to small-, medium- and micro-enterprises in the two years since coming to office. Over 2,000 grants Mr. Speaker. Last year we disbursed 1,430 grants to these enterprises through the Small Business Development Fund,” Walrond said as she addressed the allocations to her ministry in the budget.
This year’s budget contains some additional $300 million for disbursement to businesses in the start-up phase.
The Minister stated that her government’s distribution of grants quadruples what was distributed in five years by the coalition government.
“These grants go mainly to very small operators, the man and woman in the street looking to run a business and to young people. By this I mean to say those very people that the Opposition claims to care for and say that we do nothing for. We have distributed over 2,000 in under three years Mr. Speaker, while they distributed 560 grants in just over 5 years.”
Additionally, the minister said that while the monetary disbursement supports the small businesses, they have also been able to launch business incubator centres.
She noted that this year’s budget will support the continuation of construction for an Industrial Estate in Amelia’s Ward in Region Ten. A sum of $327.8 million has been disbursed to complete the construction. A portion of that money will be spent on the construction of a new estate in Region Two.
The minister, who has responsibility for commerce, explained to the House that as of October last year, she has fulfilled the promise of getting the Belvedere Berbice Incubator Centre operational.
“In the last quarter of 2022, more than 2,000 pounds of agro-processed products including a range of Indigenous flours were produced at the incubator.”
She told the National Assembly, that the inaugural hosting of Cricket Carnival has had positive impacts on the economy. She noted that with the continuation of the event this year and next year, there will be investments to develop the attractions.
“We aim to build on the success of Cricket Carnival Mr. Speaker. As I said a little earlier, the event will return this year and next year in keeping with our plans to attract major events and conferences to Guyana with their spillover effects on our service economy,” she said.
During the period, the Minister pointed out airport traffic surpassed records in 2021 and positions Guyana to become an event destination.
“Our visitor arrival rates for 2022 exceeded 291,000, a 94 per cent increase over 2021. This performance exceeds the global recovery rate of 65 per cent and the regional average of 81 per cent,” she added.
Additionally, it was noted that allocations in the 2023 budget will continue to support the quest to open up new air routes to Destination Guyana.
