Demerara Bank Limited on Tuesday opened its new location in Mahaica, East Coast Demerara (ECD). The facility, touted to be the busiest location, will serve residents of Regions Five and Four, reducing the need for people to travel to Georgetown.
CEO Pravinchandra Dave noted that it’s been seven years since the company started setting up the branch as it was very difficult for some to travel to Georgetown.
The bank has already opened 1,020 new accounts since announcing its new Mahaica branch.
“This bank is going to grow and grow,” said Dr Yesu Persuad, the bank’s founder.
Dr. Persaud for choosing Mahaica for his investment.
The Senior Minister in the Office of the President with responsibility for Finance, Ashni Singh said that the communities in that area have a strong agricultural base and said that it is a sector that needs investment and access to financial institutions as the Government seeks to diversify. the economy.
“We are particularly pleased to see modern services being provided in communities outside Georgetown because we do not see Guyana’s development centered in Georgetown.
“Our commitment is to ensure that economic and social development reaches all regions and communities in Guyana,” said Dr. Singh.
He challenged the banking sector to make business even easier as the administration worked to ensure the right environment for investments.
The Minister also noted that the private sector must be prepared to invest.
President Irfaan Ali noted that the Government will look at available lands along the Mahaicony-Mahaica corridor to develop a diversification plan.
He said “the Government also has a responsibility to create an enabling environment and that means we have to have the right laws, good infrastructure and a supportive bureaucracy.”
“We need to make sure the banks are in a position to create capital … They need to be able to form consortia to make them more efficient to pursue the opportunities that come,” he added.
The President noted that with the launch of a branch in Mahaica, the bank helped de-risk the area.
The new Demerara Bank Limited branch is fully powered by solar panels.