Governmental development in the Mahaica-Mahaicony corridor – President Ali – Kaieteur News

Mahaica-Mahaicony corridor governmental development – President Ali

– blames Demerara Bank for opening a new branch in Mahaica

A powerful $ 500M new Mahaica branch of Demerara Bank Limited officially commissioned on Wednesday.

President Irfaan Ali and other officials in commissioning the branch.3

Kaieteur News – The Guyana Government will look at areas on the Mahaica-Mahaicony corridor to foster new developmental hubs, President Irfaan Ali announced Wednesday night.
The Head of State made this disclosure while delivering the keynote address at the opening of the Mahaica branch of Demerara Bank.
“Your Government has recognized a series of areas that will become new development centers, new growth poles. So very soon we will be looking at all the lands on this corridor – Mahaica-Mahaicony. We will look at all the lands to come up with the perfect diversification plans. “
The Distinguished Head explained that as Mahaica and its environs are heavily dependent on rice and other agriculture, the Government is looking to create an agricultural hub, which should also see the development of aquaculture.
To facilitate this, the Government will develop programs and policies that will not only encourage and stimulate growth for the areas, but will also provide tremendous incentives for future investment.
“Our intention in creating a whole new range of infrastructure is to ensure that travel time between the center and the periphery does not impede business development and growth,” he said, according to a statement from the Presiding Office.

President Ali said the establishment of the eighth branch of Demerara Bank falls directly in Government focus and strategic position, and comes at a time when routes to strengthen traditional sectors are being explored.
He stressed that the Government also has a responsibility to create an enabling environment with the right laws, good infrastructure, security and a supportive bureaucracy for greater reliability and efficiency.
“The Bank is expanding in a trusted environment, the bank is expanding in an environment in which it has confidence, the bank is expanding in an environment where it considers itself to play a transformative role, the bank is expanding in an environment in which it recognizes. the economic outlook for a particular region or area. It’s not a guess, it’s a strategic alignment with the development of the area, and the country through government policies and programs … it’s a perfect marriage. ”
President Ali added that a harmonious relationship between Government and the Private Sector was important and essential for the growth and development of the country, and of the Private Sector itself.

The President also commended the bank for its progress in the midst of the COVID-19 pandemic, noting that banks and other financial institutions have been closing their doors worldwide.
He said this was due to great control, leadership and a special sense of agility over thinking outside the box.
“And if you look at revenue diversification … Demerara Bank’s revenue portfolio you will find that there is a lot of thinking outside the box. And this is what separates successful businesses from unsuccessful businesses – their ability to adapt, cope and strategically position themselves. ”
According to the CEO, Mr Pravinchandra Dave, the construction of the bank’s new branch cost over $ 500M.
This figure includes the cost of a solar system providing 100 per cent renewable energy to the branch.
The branch has already facilitated the opening of over 1000 new accounts and approved three loans.
The branch will also house the Diamond Fire and Insurance Service.
Senior Minister with responsibility for Finance, Ashni Singh, also made the feature comments.
The Chairman of the Board of Directors of Demerara Bank Limited, Dr. Yesu Persaud, on hand for the opening.