Interest-free bank could be fully established by end of 2026 – Jagdeo 

An interest-free development bank expected to support citizens’ business ventures should be fully established by the end of 2026, Vice President Dr Bharrat Jagdeo said on Thursday.

Ahead of the 2025 elections, the now re-elected People’s Progressive Party Civic (PPP/C) touted the establishment of this bank. It is expected to offer loans at zero percent interest and introduce a co-investment model to ease collateral requirements.

As the government forges ahead with this venture, Jagdeo said stakeholders are working on its development.

“Next week we are meeting to have a discussion on the second draft of the concept,” he told reporters at a press conference.

Jagdeo, who is also the General Secretary of the PPP/C, said those working on the concept are clear about what the government wants for this venture. He also said funds for the venture will be in the next national budget.

About US$200 million in seed funding will be used in this venture. Jagdeo said the funds will be disbursed in tranches.