The Institute of Private Enterprise Development (IPED) made a surplus of $90 million last year, an 11.25% increase on its 1999 figure of $80.043 million.

According to the institution's Chairman Yesu Persaud this profit was made despite the many economic constraints which plagued and continue to affect both the national and world economies.

Meanwhile, 14 entrepreneurs and eight long-serving employees were recipients of awards during the agency's fifteenth annual general meeting (AGM) held at Le Meridien Pegasus yesterday. Among the recipients were Basmattie De Souza, who operates an embroidery and screen-printing business adjudged the best managed project; with Mubaaarak Khan, a West Bank Demerara rice and cane cultivator occupying the runner-up spot.

Adjudged the best manufacturer was Ganesh Bhagwandas of Success Housing Scheme, East Coast Demerara, who is in plastic bag manufacturing, with Tagnauth Samaroo, a jeweller, occupying the runner-up spot.

Other awardees included Best Woman Entrepreneur, which was won by Deborah Dyal of Enterprise ECD, who is into poultry farming with Carol Benjamin of Wismar Housing Scheme, Linden who operates a snackette and bar securing the runner-up position.

Best Agriculture project for rice cultivation went to Kumar Hardowar of Cane Grove with Shareer Ally of Good Hope, Essequibo Coast who is a ground provision farmer on the Island of Wakenaam occupying the runner-up spot.

Prime Minister Sam Hinds (left) presents a trophy to Best Manufacturer Ganesh Bhagwandas of Success Housing Scheme. (Lawrence Fanfair photo)

The other two entrepreneurs to get awards were Jeffrey Resaul of Cove and John ECD, a vendor and Isadora Christiani, a hairdresser from Queenstown, Essequibo Coast.

Among the sponsors of trophies were Demerara Bank Ltd, Ming?s Products and Services Ltd, Demerara Mutual Life Assurance Society Ltd, Doodnauth Samaroo of Hampton Court, Essequibo and Vibert Parvatan of Laparkan Holdings Ltd.

Employees who received long service awards were Zaman Ali, Gordon Trim, Alison Duncan and Rossita, who each served for ten years and Elvis Rose, Tara Sukhan, Nandkishore Ramsankar and Angelina Bianchini with five years of service each.

Speaking on the occasion, United States Ambassador, Ronald Godard stated that the success of IPED was testimony to the hard work and dedication of its chairman, board of directors, management and staff. He singled out General Manager, Manjula Brijmohan, as the driving force behind the enterprise.

He touched on the critical role IPED could play in contributing to the local economy, especially in relation to the reduction of poverty with its focus on creating jobs for unskilled and semi-skilled persons through the development of entrepreneurial skills.

IPED, Godard said, has had a long association with US governments, who from its inception, have made significant contributions to its development including an initial amount of US$950,000 from PL 480 funds used to acquire loans and a building. More than US$8 million was also granted to IPED from PL 480 funds between 1986 and 1993, and technical assistance and training for the institution's management and staff from the United States Agency of International Development (USAID). IPED was also the recipient of a further grant of US$340,000 last year used for loans to micro entrepreneurs.

Despite the successes of the organisation, the ambassador offered words of advice to its board of directors who he said should take into account trends in the region towards economic integration when considering its future. He expressed optimism that IPED will be at the cutting edge in financing the development of non-traditional exports and services which may be the key to success in an expanding western hemisphere market.

President Bharrat Jagdeo, in brief remarks, praised IPED's contribution to the development of the country through its aid to the eradication of poverty.

According to the Head of State, contributions to the agency had helped to transform small enterprises to medium to large business ventures.

The President in stressing the need for greater economic activity, highlighted several initiatives being made by government to aid the development of small businesses. Among the initiatives named is an act to aid the sector, a more favourable tax regime to facilitate expansion, and the development of a private sector development bank. He noted IPED's likely interest in becoming involved in such a venture.

The President also used the opportunity to warn that there was need to keep a close eye on the external economic environment since any sudden shift could result in disruption with dynamic consequences.

However, he reiterated his government's intention to continue working with agencies like IPED to develop new products to aid economic development.

Earlier, Persaud, in his report, stated that IPED had funded some 5,455 small, medium and micro loans valued at $73.7 million, which as a consequence created approximately 9,000 jobs.

He outlined IPED's contribution to the Gross Domestic Product, at current market prices to be 1.38% translating to value added to the economy of over $1.8 billion.

IPED, he further stated, was today recognised to be the leading small and micro business financing institution in the region with the additional responsibility for management of credit funds under Guyana Youth Business Trust (GYBT), and Poor Rural Community Support Services Project (PRCSSP).

Persaud also mentioned the institution's establishment of its own training centre, which equipped over 2,000 micro and small entrepreneurs in all aspects of running a business. Field visits are also made to ensure conformity with practices that offer healthy business development.

He praised the work of the agency's staff, who, he said, performed creditably and were committed to greater effort in the future.

The AGM was attended by several dignitaries including Prime Minister Samuel Hinds and heads of local diplomatic missions and also saw a number of clients and others in attendance.

The entire board of directors including the auditors were returned for another years after being nominated and seconded by clients.