President of Guyana, Dr. Mohamed Irfaan Ali, announced Monday, October 30, that a local content development fund will be established as a means of helping businesses to find start-up capital to compete in industries, such as the oil and gas sector.
The Head-of-State made this disclosure during his keynote address at the second AfriCaribbean Trade and Investment Forum being held at the Marriott Hotel in Georgetown, October 30-31, 2023.
The President said there had been several complaints from local suppliers to the main oil companies about the long period they would have to wait for payment. “This causes a lot of hardship when it comes to cash flow for local suppliers,” the Head-of-State said.
He also noted that there have been complaints about the difficulties in getting access to finance from commercial banks and other institutions.