GBTI to finance Muneshwers Group expansion via IDB partnership
The Guyana Bank for Trade and Industry (GBTI) will provide financing for the Muneshwers Group expansion through a partnership agreement with IDB Invest.
This was disclosed yesterday by GBTI in a press release.
No details on the financing arrangements were provided.
IDB invest and Muneshwers yesterday signed the agreement at the Guyana Marriott Hotel in Kingston in the presence of Finance Minister Dr. Ashni Singh; visiting President of the IDB Group, Ilan Goldfajn; CEO of IDB Invest James Scriven; IDB Country Manager Lorena Solorzano; GBTI Deputy CEO Shawn Gurcharran and Business Development Manager, Rawattie Mohandeo.
Muneshwers General Manager Chandradatt Chintamani and other IDB Invest and Muneshwers representatives were also present.
Gurcharran expressed GBTI’s excitement about the project and noted the successful relationship it shares with IDB Invest and the potential for future collaborations.
GBTI said in the press release “It is indeed a moment to celebrate
as two Guyanese institutions have been able to successfully demonstrate that our capabilities and capacities are adequate to meet the expectations of IDB Invest
“This collaboration today emphasizes the current economic development of our Guyana. Local entities can now pursue great opportunities that are present through partnerships with
key international players for the betterment of all stakeholders”.
The bank congratulated the Muneshwers Group on this “landmark achievement”.
The release said that GBTI has enjoyed a fruitful partnership with IDB Invest.
As recent as 2021, the release said that GBTI signed a Trade Finance Partnership and is currently exploring some areas to
further strengthen its lending infrastructure as well as lending products.
“Collaboration with IDB Invest has indeed been a pleasure but also has presented GBTI an opportunity to understand the risk appetite of a multilateral finance firm and importantly, the mitigants needed to lend prudently. We have found IDB Invest’s approach to be one that is flexible
and accommodating to the dynamic circumstances that currently prevail in Guyana”, GBTI said.
“For Guyana to continue to benefit from the plethora of opportunities that the booming economy has presented, we all must be willing to change and improve how we operate to facilitate the forging of these partnerships”, the release said.