GEORGETOWN, Guyana - Guyana's government says a major gold sector developer has committed to reserving shares for Guyanese businesses and individuals once the country’s junior stock exchange becomes operational this year.
President Irfaan Ali did not name the “major gold sector developer” but said the commitment is one reason the government is pressing ahead with the establishment of the exchange, which he said will open large-scale investment opportunities to ordinary Guyanese, allowing what he described as massive participation from local businesses and individuals once it is up and running.
“I am very pleased to say in the gold sector for example, one of the very large developers , they are willing to set up shares for the local population, local businesses and that is why it is important for us to have the junior stock exchange.”
Ali said the move forms part of a broader effort to extend local content principles beyond the oil and gas sector into all areas of the economy.
“The coming weeks will be very exciting for local content and local participation in large-scale transformative projects,” he said.
Ali said that he has directed the Ministry of Natural Resources to review the local content list, pointing to financial services and insurance as two categories where there has been strong interest in increasing local participation.
The junior stock exchange is one of three financing channels the head of state flagged for local investors.
Legislation for the Guyana Development Bank has been laid in the National Assembly, while a diaspora bond offering fixed rates of return is being prepared to help fund national infrastructure projects.
