IPED records $70.5M surplus -7,120 jobs created last year
By Miranda La Rose
September 4, 1999
The Institute of Private Enterprise Development (IPED) earned a surplus of $70.5 million last year, a substantial increase over the preceding year, its Chairman Yesu Persaud announced.
Delivering the Chairman's Report at the thirteenth Annual General Meeting of IPED at Le Meridien Pegasus yesterday morning, Persaud said that the surplus was achieved mainly because of strict monitoring of loans and the diversification of the loan portfolio in spite of the "grim economic conditions" which prevailed during last year.
Also delivering addresses to the gathering which included government ministers, current and past directors of IPED, and members of the diplomatic community were President Bharrat Jagdeo and British High Commissioner Edward Glover.
Mr Jagdeo commended IPED for the leading role it has been playing in the country's economic development since its inception. He noted that the institute and other bodies had helped small people realise their dreams, eke out a daily living and create jobs for other people.
Reporting on the work of IPED for last year, Persaud noted that it financed 3,404 loans of which 860 were in the small business sector and 2,544 were in the micro sector. The sum of this year's loans was $501 million, compared to 1,624 loans valued at $504 million the previous year.
The value of the loans, he noted was marginally down but the numbers were up by 109%, which is a clear indication that the emphasis was in the micro sector "helping the most vulnerable in society". The number of jobs created last year was 7,120, an average of 2.1 per business. The highest percentage of jobs created was in the micro sector. Eighty per cent of the businesses are managed by women. In addition the institute has begun to help underprivileged youths.
Persaud opined that the loans have made a substantial impact on the income generated in the country which would, if one were to put a figure to it, exceed billions of Guyana dollars. However, he said, "our emphasis is not only to generate income but to revolutionise the micro and small business sectors to be the engine of growth in the economy."
Persaud said that training was indispensable in creating sustainable development among clients. With this in mind, IPED has created a Human Resource Development and Training Centre at its South Road, Bourda head office. The centre will provide training for small, medium and micro entrepreneurs to ensure a level of competitiveness in business and creative contribution in the growth of the economy. Training, he said was absolutely essential in producing quality goods at competitive prices on the growing market. He announced that at present one of IPED's senior credit officers was undergoing further training in his field in India, while others are in Santo Domingo and Italy.
IPED has created in excess of 15,000 small and micro businesses since it was established in 1986. Noting that in the process it has created some 43,000 jobs, Persaud interjected, "imagine what unemployment would have been without IPED." He noted, too, that many of the micro businesses have graduated to medium-sized enterprises and have begun to export their products.
At the AGM, too, a number of staffers were presented with awards for long service, including Senior Credit Supervisor, Anant Sharma, who has served the institute for ten years. Seven others were awarded for marking five years service.
Heading the list of Clients' Awards was Oudit Narine Ramsook of Mon Repos North, who does fishing and shrimping. He was not present at the function because he was out at sea at the time. The Best Woman Entrepreneur was Claire Wilson of Bee Hive, Mahaicony; Best Agricultural Project, Tinul Singh of Hampshire Village, Corentyne; Best Manufacturer, Fazir Khan of Hampshire Village, Corentyne; and Best Micro Entrepreneur, Jacqueline Gibson of Bagotville, West Bank Demerara.
Exporters honoured were Praimroop Prasad of Vryheid's Lust, East Coast Demerara; Fenton Jagernauth of Caledonia, East Bank Demerara; Parbatie Brotherson of Parika, East Bank Essequibo and Eugenie Brumigin of Atlantic Ville, East Coast Demerara.
Two young entrepreneurs representing the age group 17-24 were awarded. They are Ceion Forde of East Ruimveldt, Georgetown and Kevin Boyce of Charity, Pomeroon River.
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