GBTI pushing clean energy through ‘green’ loans plan

The Guyana Bank for Trade and Industry (GBTI) has expressed hope that Guyanese will become more aware of the importance of preserving the environment, and the bank intends to promote this idea through its recently-launched Green Loans Plan. 

In an interview, the bank’s head of credit, Shaleeza Shaw, who spearheaded the initiative, revealed that the idea was born out of the bank’s intent to fulfil its corporate responsibility in light of Guyana’s growing role in the fight against climate change. 

“We are targeting individuals and businesses who want to engage in low-carbon-driven initiatives. 

This includes wind and solar powered projects or services; and, as antiquated as it may seem, hand-powered machines, because they are energy-saving mechanisms,” she said.

The ‘green ‘loans also cover financing for products such as energy-saving appliances, air filters and low- carbon economic investments. 

Shaw explained that these loans also attract several concessions, including a 25 per cent discount on lending fees and the waiving of other fees, as well as a moratorium of between one and six months. Persons can get up to five years to repay the loans at interest rates of between eight and 11 per cent. She explained that the drive to engage in low-carbon-driven projects is enough for someone to qualify for the loan. However, other characteristics are needed, such as character references. “For character references, we require two. However, one of those references must be from a governmental or non-governmental organisation which supports green consciousness,” she said. 

While such financing is already given in other parts of the world, ‘green’ loans are new to Guyana. However, Shaw stated that there is an adequate market for such an initiative. 

“I believe that green consciousness has invaded the country, where people are now thinking along the lines of preserving the environment. It is still very new; and while it won’t happen overnight, I believe that this loan scheme will be very successful. The prospects are good,” she said. She noted that, so far, several persons have expressed interest, but it will take time for interest in the initiative to grow. 

She also hinted that the bank may plan activities that can promote the ‘green’ initiative and make Guyanese more conscious of how they can play an active role in helping to save the environment. The Green Loans Plan was launched on December 29 at the commissioning of the GBTI’s Diamond branch. President Bharrat Jagdeo had lauded GBTI’s initiative to launch this loan scheme despite Guyana’s “negligible” carbon-emission rate.