President Irfaan Ali has unveiled a groundbreaking nationwide initiative aimed at empowering young people, particularly in the agricultural and housing sectors.
Addressing a group of young budding entrepreneurs last week during a meeting held to discuss future business ventures, he emphasised the importance of them achieving greatness not only for themselves but also for their families.
The initiative, the first of its kind in Guyana, seeks to harness the potential of the nation’s youth by providing them with the necessary tools, resources, and guidance, to become successful entrepreneurs. During the meeting, it was revealed that 27 young men have expressed interest in the agricultural sector, while another eight are keen on pursuing opportunities in the housing industry.
Recognising the potential impact of these young entrepreneurs, President Ali facilitated a discussion that included key stakeholders such as CEO of the Guyana Bank for Trade and Industry (GBTI) Shawn Gurcharran, Minister of Agriculture Zulfikar Mustapha, and a representative from the Ministry of Housing and Water.
President Ali’s message to the attendees was clear; the path to success in agriculture requires significant investment and dedication. He informed the group that the 27 aspiring agricultural entrepreneurs would need to raise $8 million to kick start a tunnel project — a modern and efficient method for rearing chickens. According to the President, this state-of-the-art facility would have the capacity to house approximately 45,000 chickens and could generate an annual net revenue of $20 million to $25 million. He assured the young entrepreneurs that by Tuesday September 2, a comprehensive business plan would be ready to help them secure the necessary funding and begin operations. He also expressed optimism that the first production cycle would commence by November, just in time for the holiday season.
To further support the financial needs of the budding entrepreneurs, President Ali announced that GBTI would extend a $40 million loan to the group at a competitive interest rate of 4.5 per cent. This financial boost is part of the bank’s broader “GBTI Grow” initiative, which its CEO introduced during the meeting. The initiative is designed to target small businesses, providing them with the necessary support to grow and thrive. Gurcharran highlighted that one of the primary goals of the initiative is to establish a framework in collaboration with the Ministry of Agriculture that aligns with Guyana’s national objective of achieving food security.
Gurcharran also assured the young entrepreneurs that the loan process under the “GBTI Grow” initiative would be streamlined, with fewer requirements than those typically associated with traditional loans. This approach is intended to make it easier for young people to access the funding they need to bring their business ideas to life. The same simplified framework will be applied to housing loans for those interested in the housing sector. As long as the applicants can demonstrate proof of income generation and commit to timely mortgage payments, they will be eligible for the housing loans.
Mustapha also addressed the gathering, underscoring the importance of agriculture as a cornerstone of Guyana’s economy and a critical component of the nation’s food security strategy. He praised President Ali’s leadership in spearheading the food security initiative across the Caribbean and emphasised the ministry’s commitment to supporting young entrepreneurs. He announced that the Ministry of Agriculture has an additional initiative focused on promoting high-value crops, which could present further opportunities for young farmers.
The Agriculture Minister assured the young entrepreneurs that the ministry would provide ongoing guidance and technical support to help them navigate the complexities of agricultural entrepreneurship. He stressed that the success of these young people is not only vital to their own futures but also to the broader goal of ensuring that Guyana remains a leader in food production and security within the region.
