The private sector arm of the Inter-American Development Bank (IDB) yesterday sealed an agreement to provide US$25m to Unicomer – parent company of COURTS – for a commercial complex at Farm on the East Bank of Demerara.
Senior Minister in the Office of the President with Responsibility for Finance and the Public Sector, Dr. Ashni Singh yesterday oversaw the signing of an agreement between IDB-Invest and Redstart Guyana. The signing took place at the Ministry of Finance. The agreement is to the tune of US$25 million and will allow for Redstart Guyana’s construction of a commercial complex at Farm.
A press release from the Ministry of Finance said Dr. Singh congratulated the IDB Group and Unicomer for their partnership, noting that it sends a very clear signal to the rest of the private sector operating in Guyana that financing raised through IDB-Invest is a very viable and doable prospect. According to the statement, the finance minister noted that from 2020 to date, the value of financing approvals by IDB-Invest for development projects in the country’s private sector totaled US$173 million.
Meanwhile, Errol LeBlanc, Vice President (Caribbean), in the release, noted that it was a ‘red-letter’ day for Unicomer Guyana Inc. and RedStart Guyana. Unicomer, Le Blanc said, resolves to contribute to the growth and development of Guyana and to improve the opportunities and the quality of life of its residents. He added that the rich Unicomer Guyana Inc. story, which started 30 years ago, is being strengthened now with this investment to build ‘River Place’ a modern commercial complex that will boast a world-class retail and commercial facility. LeBlanc, the statement noted, then added that there is no better way to exhibit confidence in Guyana’s economy than through investment. “Unicomer’s investment in River Place supports the government’s growth initiative, leverages the support of international organizations like the IDB, demonstrates Unicomer’s mandate to facilitate continuous growth and development in the countries in which we do business and fulfill our commitment to enhance the lives of its people and our staff,” he concluded.
Redstart Guyana is a wholly owned subsidiary of Redstart Limited and it is jointly owned by Milady Group and Liverpool Group. It was incorporated in Guyana in 1991 and is the real estate arm of Unicomer Guyana Inc. (COURTS) responsible for developing real estate assets including offices, distribution centres, key stores, and service centers as well as operating Unicomer Group’s real estate assets. The commercial complex will have a total land area of 17,124 m2 and Unicomer Guyana will be the main tenant (approximately 80% of the leasable area) with the remaining leasable space suited for MSMEs businesses. With the increase of retail space, Unicomer Guyana will continue providing access to durable goods and financial services to local clients of low socioeconomic segments.
The release said Singh lauded the IDB for its continued demonstrated confidence in Guyana and commitment to supporting the country’s private sector to expand and invest in several projects as Guyana continues on its rapid economic development trajectory.
“This investment comes at yet another key juncture in Guyana’s economic history, at a time when our economy is growing more rapidly than almost any other economy around the world, at a time when more Guyanese are in work from any other time previously in our country’s history, at a time when more Guyanese are earning higher levels of disposable income and acquiring their own homes through our Government Housing Programme and seeking to furnish those homes, and therefore are in a position to even more fully avail themselves of the goods and services that will be provided by companies like Unicomer,” Singh said.
Lorena Solorzano Salazar, IDB Group Country Representative, Guyana said the IDB’s commitment is to support investment in infrastructure to promote improved productivity to boost development in the region. “With this partnership, we are expanding business opportunities for local MSME’s (Medium, Small and Micro Enterprises) while responding to an increasing demand of middle and low-socioeconomic segments for retail products in Guyana,” she added. According to the release, Salazar thanked Unicomer for its confidence in the IDB and explained that with the construction of the commercial complex, the company is expected to employ approximately 100 new persons during construction and provide 30 spaces for businesses to operate which will generate more local employment. The release added that Salazar said the construction includes a strong focus on sustainability by using LED energy solar panels and local materials to leverage the local construction supply chain.
