Small scoring big
Editorial
Guyana Chronicle
July 29, 2004
THE Institute of Private Enterprise Development (IPED) can justifiably take pride in the success it has scored since its start 18 years ago.
It has made a difference to the lives of thousands of Guyanese around the country with its latest annual report showing that 1,417 people received $525M in small loans during 2002 and 1,769 got $607M in 2003.
The micro-credit facility also grew from $195M with 3,367 clients in 2002 to $263M with 3,401 clients in 2003, IPED Chairman Yesu Persaud said at the institute’s annual general meeting Monday, maintaining that the entity is a success story in its 18th year.
He pointed out that it started from “humble beginnings” with a small capital base and one staffer functioning as Office Assistant, Counsellor, Credit Officer and Manager to currently boast net assets of more than $1 billion.
IPED now has 69 employees and offices throughout the country serving all 10 administrative regions of Guyana, having, over the years, financed 39,862 loans totalling $7 billion and creating thousands of jobs.
Testimony to its significant success came from United States Ambassador Ronald Bullen who lauded IPED for its “outstanding achievements in spite of Guyana's negative growth rate and rough economic environment for 2003”.
Mr Bullen, who delivered the feature address at the AGM, said the performance was “truly commendable.”
He linked what IPED has accomplished to the “strong tradition of Guyanese helping themselves” and said the U.S. is proud to be a longstanding partner, dating back to its formative years.
IPED’s role is even more important in buttressing the national efforts to reduce poverty since it provides financing to those who would not qualify for loans under conventional means.
Also commendable is its current thrust into the hinterland to help people in areas where resources are not traditionally available.
“We showed that the small people can transform the economy,” Mr Persaud declared, reiterating that the IPED performance is “incredible by many standards.”
He said that while the economy is slowing down, IPED is moving forward, blazing the trail.
This is the kind of perseverance and outlook that countries like Guyana sorely need to help pull themselves out of the economic rut.
At the Monday meeting, Mr Bullen observed that a robust, agile private sector must be nurtured with IPED playing a key role in the effort. Mr Persaud echoed the envoy’s observation, noting that the Guyana Government and the private sector cannot go in separate directions.
There must be vision and planning to realise it if the private sector is to respond to the government's call to be the engine of growth, he remarked.
IPED has shown that it is up to the task and we look forward to even greater strides with its thrust into the hinterland.
It has set a worthwhile example for other stakeholders to follow and we wish it continued success.