Towards this commitment, the Administration will be making a small contribution to the newly formed Small Business Development Finance (SBDF) and the institution will also benefit from tax incentives and probably duty free concessions, he said at the launching of the private sector initiative at Le Meridien Pegasus Hotel, Georgetown.

He said small businesses have contributed significantly to the economies of developing countries and they will have the support of his Government.

"The Government will be making a contribution to the institution. Although it will not be a quantum of money, it will be sending the right signals that Government is supporting the institution," the Head of State explained.

The Government has made similar gestures to other micro-credit institutions, including the Institute for Private Enterprise Development (IPED) in the past.

The President commended the organisers for putting together the programme, as he described it as a plus for the business community.

"I am very impressed with their drive and their initiative and they will do well in this sector and I know with the skills they have acquired over the years as an entrepreneur and manager that this institution will do well", he said.

The Government will continue to create the environment that is very supportive not just to micro enterprises, but businesses in general, the President said.

To this effect, it will be moving to Parliament soon to table the Small Businesses Act which will entail several benefits for them and make a significant difference in the business community for small enterprises.

"They would enjoy concessions which currently because of size and the special features of our tax system they do not benefit from. Sometimes they are taxed twice simply because they do not import many of their raw materials.

"Simpler registration, maybe waivering some of the fees that small businesses have to pay for registering and giving special help to the sector", will be some of these benefits, he explained.

The SBDF is a non-partisan institution established to provide access to finance, supplement and provide appropriate support to low income enterprises.

These enterprises face serious limitations, particularly poor access to information, inefficient marketing, suitable technologies and difficult access to credit.

The institution is focusing on financing small businesses because they are a key source of job creation.

They also contribute to economic growth, help to reduce poverty and democratise markets, Mrs Manjula Bridgemohan, Coordinator/Director of the programme said.

The launching was well attended by members of the business community, the Government and the diplomatic corps.