Berbice : The establishment of yet another bank branch is not only an achievement for the financial institution, but for the entire country, President Donald Ramotar said at the opening of a Citizens Bank branch in New Amsterdam yesterday.
Recently there have been several huge investments in Guyana, in the banking sector, including a Guyana Bank For Trade and Industry (GBTI) branch in Bartica which was commissioned last Thursday. There have been several other investments including, a new distribution centre by Unicomer, the parent company of Courts Guyana at Eccles Industrial Estate, and new storage facilities for Rubis at Providence, East Bank Demerara.
The Head of State said that all these investments augur well, as they “show that we are not talking about no-confidence; we are talking about confidence in our economy as a whole. Both local and international investors have seen the merit of investing in Guyana.”
The confidence expressed by these investors is not by accident as the PPPC Government has laid the foundation for this to take place, he said.
“…over the past nine years, despite the great financial and international crises that gripped the international community, Guyana has continued to grow at a steady rate. The crises had hit us, no doubt we could have grown faster, but we have been able to spare our citizens of our country some of the worst effects of this as we seen taking place in the Caribbean.”
He referred to sister Caricom country Grenada and how that island’s workers have agreed that they will not be making a claim for increased wages so they will be able to overcome some of their challenges and St Lucians have accepted wage cuts. Barbados too has had some difficulties affecting its workers.
In congratulating the institution’s officials, the President said that “clearly they have recognised that this area is one of the most important areas for economic growth in our society.”
He said Guyana has moved from a heavily indebted poor country, to a middle income country, and that it has the right conditions that can take it to a developed country status in a short period of time.
“Over the years we have put back a lot of our infrastructure in place to keep our economy going, but in order to reach to that other level we need new infrastructure, and that is why we have initiated projects like the Amalia Falls, and that project makes very great sense for every single person of this country. Everyone would have benefited,” he said.
“Many of you are well aware that the great impediment for more rapid development is cheap electricity. This Government spends $9 Billion a year to subsidise electricity for all of our citizens and the business community and that project would have allowed us to save almost all of that, and the savings would have come directly to consumers. They would have seen their light bill (electricity charge) drop from between 20 to 40 percent.”
Continuing to explain more benefits of the Amaila project, he told the gathering that it would have also created a bigger manufacturing sector, created employment, and allowed for the development of an agro industrial sector, but, inspite of the setbacks, he said the Government is determined to move ahead with this project so that Guyana can have cheap energy, and the base for further rapid enhancement, and more Citizen’s Banks to spread to every corner of the country.
The opposition parliamentary parties have not supported the project, and have cut the allocations budgeted.
“One year’s savings from this project we will be able to solve some of the other issues of drainage and garbage and those things,” he explained.
The President also spoke of the need for an efficient deep water harbour in Guyana, noting that only small ships can be facilitated and these are going out of existence. “As we speak now the Panama Canal is being expanded and there will be a revolution in maritime shipping in the world as a whole.”
Guyana, he posited has the possibility of becoming a maritime hub in South America and the Caribbean and that will result in growth in business development, as he pointed to the Berbice River which offers the best possibility of establishing a modern facility that will allow for faster advancement.
Urging that persons begin moving around with less liquid cash, he said this will help to curb some of the crimes that are occurring.
Citizens Bank Chairman, Clifford Reis said that this event marks the honouring of a demand some five years ago.
“The bank has always enjoyed a relationship with the citizens. To the citizens of the wider Berbice, this is your bank and we are here to provide a service that is second to none,” he assured the residents.
The county of Berbice is a force to reckon with; in that it is agriculture driven and can generate tremendous economic opportunities. Reis said that with the deep water harbour itself will come into reality that will create economic wealth in the region.
“There is a vision for New Amsterdam and the region and the Citizens Bank wishes to be associated with this vision even as it strives to bring opportunities for New Amsterdam and all its residents,” the chairman noted.
Citizens Bank with its headquarters located at Camp Street, Georgetown has assets of $40.7 billion. The bank provides retail and corporate banking services through six full- service branches to a customer base of more than 43,878 with a staff complement of 129.
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