IPED disburses $4.3 billion in loans in 2023; over 8,600 jobs created

The Institute of Private Enterprise Development Limited (IPED) announced today, through the release of its 2023 Annual Report, the disbursement of a total of 4,881 loans valued at $4.3 billion, which contributed to the creation and maintenance of 8,655 jobs.

According to Komal Samaroo, Chairman of the Board at IPED, “The strategic decision to focus the company’s resources on expanding micro and small loans ($2M-$7.5M) and reducing the micro loan interest rate by 31% supported IPED’s growth for 2023 in its efforts to meet market demands for financing.” With a renewed focus on engaging micro and small entrepreneurs exclusively, IPED serviced 4,750 small and micro enterprises, with non-performing loans reduced to $95 million.

The company demonstrated financial resilience and operational efficiency, with total operating income increasing by 12% to $952 million and operating surplus surging by 35% to $301 million.

Strategically, IPED expanded its micro and small loans portfolio, lowered interest rates, and enhanced support services for entrepreneurs. The institution’s international presence was strengthened through partnerships such as the Memorandum of Understanding with the Cuban Chamber of Commerce, aimed at providing capacity-building training to entrepreneurs.

Looking ahead, IPED remains committed to leveraging technology for improved service delivery, with plans to implement a state-of-the-art integrated loan management system. Additionally, initiatives like the Technical Skills-based Entrepreneurship Program reflect the company’s dedication to fostering sustainable business practices and empowering individuals with technical expertise.

“I am proud of IPED’s achievements in 2023 and grateful for the dedication of our team, partners, and stakeholders,” said Mr. Jagdesh Haripershad, Chief Executive Officer at IPED, “As we embrace the opportunities of the digital era, we remain steadfast in our mission to create a more inclusive and dynamic landscape for entrepreneurship.”

IPED’s commitment to environmental sustainability was also highlighted, with initiatives like the Green Loan Product contributing to climate-resilient practices in Guyana. (IPED press release)