Government welcomes Citi’s plan to set up office in Guyana

Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni K. Singh, has welcomed the announcement by Citi of its plan to establish a representative office in Guyana. This move by one of the world’s largest financial institutions is a clear testament to the rapidly expanding opportunities in Guyana and the strong international confidence in the country’s economic trajectory. 

The attraction of major global companies like Citi is a direct result of the strong leadership of His Excellency President Dr. Mohamed Irfaan Ali in positioning Guyana as a premier and stable destination for international investment. This development also underscores the PPP/C’s Government’s efforts to engage with the global community and build a resilient, modern, and diversified economy. 

The establishment of Citi’s representative office is also a direct result of the tabling and successful piloting of the Financial Institutions (Amendment) Bill 2024, by Senior Finance Minister Dr. Ashni K. Singh in February of this year. This amendment allows for the establishment of representative office by foreign financial institutions and is in keeping with Government’s broad agenda to build and strengthen the legal framework and modernise the country’s banking sector. 

This new development will provide immense benefits for the Guyanese economy. It will help facilitate greater access to global financial markets for Guyanese businesses, and introduce new, sophisticated financial products and services to Guyana’s market. This new presence will bolster Guyana’s financial infrastructure and contribute significantly to the country’s ongoing development.

In a release today issued by Citi, the institution’s Head for Central America and Caribbean, Pablo del Valle, signalled the Bank’s commitment to working closely with the Government of Guyana and other stakeholders to build strong and lasting relationships. He also alluded to Guyana’s growth trajectory and vibrant investment landscape, which present a compelling opportunity for Citi, and further complement their unmatched global network.

Minister Singh emphasised that this Government, led by President Ali, remains committed to working with all stakeholders including the private sector, in supporting business development in Guyana, as we continue to create an enabling environment for fostering development. [Ministry of Finance Press Release]