Jamaica pitches itself as a new financial partner for Guyana

Guyana requires finances, lots of it, to fund the sustained expansion of its productive sectors be it oil and gas or agriculture. And Jamaica, one of the more advanced financial hubs in the Caribbean, is keen on supporting the growth of Guyana’s financial market.

Jamaica’s willingness to support the growth of Guyana’s embryonic capital market is evident through the hosting of a Jamaica Stock Exchange regional investments and capital markets conference in Guyana.

It is the first time this conference, which focuses on capital markets, is being held outside of Guyana.

The Managing Director of the Jamaica Stock Exchange Dr. Marlene Street Forrest, on Tuesday night, said the body is here to help Guyana, the world’s fastest growing economy, develop its capital market.

Developing this market, she said, can be done through collaboration, good governance and technology.

But what is a capital market?

This market involves raising funds by dealing in shares, bonds and other long-term investments. It allows companies to raise money in ways other than applying for traditional loans where assets, be it a land title or heavy-duty machinery, are used as collateral.

And Angus Young, the Chief Executive Officer of Jamaica’s NCB Capital Markets Limited, says doing so will benefit ordinary Guyanese.

“Developing the domestic capital market in Guyana will ensure that the Guyanese citizens have the opportunity to participate in the fastest growing economy in the world,” Young said

He added, “The traditional banking sector plays an important role but it is really an access to the capital markets, and every layer of the capital structure, that will make a difference.”

Guyana’s Finance Minister Dr. Ashni Singh believes that developing the local financial market is important.

He believes that Guyana’s financial needs, which are growing everyday because of the rapid expansion of the economy, cannot solely be met through traditional credit instruments. And he believes that legislative, technological and cultural shifts will take place in response to the growing financial sector.

Beyond support for the financial sector, the Finance Minister also noted that there are abundant investment opportunities here and encouraged Jamaican businesses to seek opportunities here.