IPED records increased loan activity
-hinterland shows promise
Stabroek News
July 27, 2004
The Institute of Private Enterprise Development (IPED) has recorded a surplus of $47M for 2003 as against a surplus of $33M in 2002.
Chairman Yesu Persaud said yesterday at the 18th Annual General Meeting held at the company's office on South Road that despite many constraints, IPED continued to play a major role in the development process by stimulating the entrepreneurial spirit.
He said during the year the institute funded 5,170 loans valued at $870M compared with 4,784 loans valued at $720M in 2002, an increase of 8% in number and 21% in value. These figures can be broken down to small business loans of 1,769 at a value of $607M and 3,401 micro-business loans at a value of $263M.
The report also focused briefly on managerial and technical training that is being offered to all IPED clients.
The report from the Executive Director Dr Leslie Chin dealt with the coverage extended to the administrative regions of Guyana. In Region Nine, 78 loans valued at $43.7M were disbursed for the last half of the year. Total disbursements for Regions One, Eight and Nine and Kwakwani in the Upper Berbice River were $96.6M from 154 loans. This represented 11.1% by value of all loans disbursed by the institute.
Also during 2003, IPED continued to operate the credit scheme in Regions Two and Three under the agreement with Government of Guyana for a Poor Rural Communities Support Services Project. Under this scheme IPED disbursed loans valued at $108M compared with 831 loans worth $52.2M in 2002. By the end of 2003 IPED had disbursed a cumulative 2,902 in loans valued at $205M.
With regard to its prospects, IPED has a projected growth of 20% for 2004 in the number and value of loans approved, Dr Chin noted.
In Region Nine interesting opportunities such as an agricultural supplies centre (Beacon Foundation), plant nursery, honey production, refrigerated transport for beef, mineral salt supplementation for livestock and a cassava processing factory to produce farine are being considered. On the coast the major opportunities identified are intensive aquaculture, which is technical but profitable, agro-processing, orchard crops and duck production.
Ambassador of the United States Roland Bullen, in his feature address, acknowledged IPED's work in the hinterland where resources are not traditionally available. He emphasised that the United States Agency for International Development (USAID) would continue to support IPED through the new Guyana Trade and Investment Support project (GTIS).
GTIS would work to identify overseas markets for non-traditional and value-added products.
Fourteen people were awarded for the exemplary management of their businesses. Best Managed Project went to Manickchand Samaroo for his trading/commercial business, with runner-up prize going to Amorit Durga. For Best Agri Project the winner was Rahim Subratally who cultivates rice and the runner-up was Gorhudatt Sambhu. Best Manufacturer prize went to Praimroop Prashad for his Nibbi furniture products and the runner-up was Bhagwandi Ram.
The Best Woman Entrepreneur went to Radhika Persaud who is in the business of rice cultivation and the runner-up was Joylyn Moore.
Awards also went to six Enterprising Micro Entrepre-neurs: Beverly Paton, Patricia Campbell, Georgia and Egerton Maxwell, Rajneetee Ramsunahi, Marlene Osborne and Gloria Narayan.
Five awards were also presented to outstanding staff members of IPED for ten and five years of dedicated service.