…other Guyanese companies urged to tap into funding opportunities
Shipping firm PAS Cargo Guyana Incorporated is the first Guyanese company to secure financing from IDB Lab – the innovation and venture arm of the Inter-American Development Bank.
The loan agreement was signed by Executive Director of PAS Cargo, Shridat Narine, and General Manager of IDB Lab, Graham Macmillan, on Tuesday at the Finance Ministry in Georgetown. The signing was witnessed by Senior Minister with Responsibility for Finance, Dr Ashni Singh, and other officials.
Established in 2012, PAS Cargo Guyana Incorporated provides logistics and freight-forwarding services, including cargo handling, customs broking, warehousing and last-mile delivery.
According to the Finance Ministry in a statement on Tuesday, the company’s operation is IDB Lab’s pioneering loan to a Guyanese Private Sector company and marks an important milestone in the bank’s support for locally led innovation and enterprise growth.
Speaking during the simple signing ceremony, Singh congratulated PAS Cargo on this breakthrough. The Finance Minister further used the opportunity to reiterate his support for such ventures, reminding that the Government continues to encourage and support more Guyanese companies to engage with the IDB Lab and the Private Sector arms of other international financial institutions to get funding.
Reflecting on PAS Cargo’s experience, Narine explained that it was refreshing for the company to gain this success through the loan application process and receiving positive feedback from the IDB Lab, recalling that the bank’s team assisted the company through all of the stages. He added that this resonates well with the company and is a breakthrough for them since the company’s 14 years of establishment in Guyana, even before the country was producing oil.
Significant deal
Meanwhile, also delivering remarks prior to the signing, Macmillan posited that with PAS Cargo being the first Guyanese company to have such a loan approved, he was happy to be part of this significant deal. The IDB Lab General Manager further used the opportunity to express hope for many more such deals to come.
In fact, prior to Tuesday’s loan signing, Minister Singh and his team held discussions on this with the IDB Group officials, including the visiting IDB Lab General Manager and Country Representative for the Inter-American Development Bank (IDB) Group in Guyana, Lorena Solórzano-Salazar.
The two teams discussed how they can continue to work together to broaden the bank’s private footprints in Guyana through financial assistance for more Private Sector projects countrywide.
Macmillan is on his first official visit to Guyana, and during that engagement on Tuesday, Dr Singh welcomed and congratulated him on his appointment.
IDB Lab is the innovation and venture arm of the IDB, focusing on entrepreneurship and technology to cocreate solutions for development challenges and spark new industries for growth in Latin America and the Caribbean. It supports high-impact start-ups and the innovation ecosystems they need to thrive through flexible financing, practical knowledge, and global connections.
The Government of Guyana has been encouraging IDB investments in the country to assist with driving economic growth. This aligns with its broad-based strategy that promotes and supports growth in the non-oil economy across key sectors, including construction, agriculture, tourism, mining, manufacturing and logistics, which include companies such as PAS Cargo.
In fact, back in April, IDB Invest – the Private Sector arm of the regional bank – had indicated its intention to expand its investment portfolio in Guyana, eyeing opportunities in an expanded range of sectors, including agribusiness, tourism, infrastructure and telecommunication, among others.
Following the regional institution’s announcement of a capital increase at its annual meeting in February, Chief Executive Officer (CEO) of IDB Invest, James Scriven, during a subsequent visit to Georgetown, disclosed that he has already set his eyes on new opportunities north of US$300 million in Guyana.
Since then, IDB Invest has been engaging the local Private Sector to explore opportunities for deeper collaboration aimed at supporting Guyana’s rapidly growing Private Sector.
During one such engagement in June, IDB officials and representatives from the Private Sector Commission (PSC) met to discuss expanding access to financing, strengthening business competitiveness, and identifying strategic interventions to support sustainable economic growth.
IDB Invest had highlighted its commitment to providing innovative financial solutions, advisory services, and technical support to help businesses scale and access new opportunities.
Also, in attendance at Tuesday’s meeting and signing ceremony were Chief Planning Officer at the Finance Ministry Dr Tarachand Balgobin, Guyana’s Counsellor to the IDB Board Navita Anganu-Ramroop, and Private Sector Development Consultant at IDB Lab, Maria Niles.
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