May 22, 2022 News
…as asset base now tops $4B, representing growth of $512M
Kaieteur News – The Institute of Private Enterprise Development (IPED), on Tuesday last, announced at its Annual General Meeting (AGM), held at its headquarters in Georgetown, that it has seen an increase of 12 percent in asset value when compared to the previous year with small scale farmers benefitting from the bulk of loans provided last year.
This, according to the entity in a public missive that detailed the highlights of that AGM and outlined that IPED’s assets at the end of 2021 were valued at $4.9B, an increase of $512M or $4.2B as of December 31, 2020.
Assets, IPED said, recorded as of December 31, 2021, have been financed by accumulated surplus of $3.8B and liabilities of some $998M.
This is in comparison to 2020’s accumulated surplus of $3.5B and $800M liabilities.
IPED, in its Annual Report for last year, quoted Chairman of the Board, Komal Samaroo as saying, “I am happy to report that IPED stands financially healthy and stable as of December 31, 2021.”
According to Samaroo, “we are optimistic about IPED’s future as it pursues the fulfillment of its many objectives, which include building partnerships with organisations that provide complementary support services to micro and small businesses entrepreneurs to enhance their production potential, and capacity to meet their market demands.”
IPED, he said, remains resolute in providing services to its new and existing clients.
It was noted that in 2021, IPED processed 4,060 clients for a total value of $3.2B compared to $3.5 for a total value of $2.9B in 2020.
According to IPED, 325 loans for a total value of $402M have been refinanced, granting entrepreneurs the opportunity of furthering their respective enterprises which IPED determined to be worthy investments.
Loans were granted to 2005 small scale farmers accounting for 49 percent of loans granted for 2021.
“This shows IPED’s major role in supporting small-scale farmers…As at December 31, 2021, IPED services 4,122 small and micro enterprises with a gross loans receivable of $3.7B.”
It was noted too that non-performing loans as of December 31, 2021 were $310M or eight percent compared to 2020’s $368M or 10.8 percent.
Cash resources and financial investments at the end of 2021 totalled $530M compared to $510M in 2020.
IPED in its Annual Report said it was able to cover all operating and loan impairment costs for 2021.
Total operating income for 2021 was $717M compared to $594M in 2020, an increase of $123M or 21 percent while total operating cost before loan impairment for 2021 was $550M compared to $515M in 2020, an increase of $35M or seven percent.
Loan impairment cost for 2021 was $14M compared to $56M in 2020 and, according to Samaroo, “IPED was able to cover all its operating cost and loan impairment cost for 2021 and 2020 to generate a surplus of $153M and $24M respectively.”
According to the lending institution, after re-measurement of its employees’ pension plans, net total comprehensive income for 2021 was $314M compared to $72M in 2020.
Samaroo in his report said that, “IPED’s success in achieving its mission to provide financial and advisory services to small and micro business entrepreneurs enabling them to build sustainable enterprises, remains a true testament to its indelible contribution to reducing poverty and expanding Guyana’s economy.”
Several awards were also handed out for outstanding performances by businesses for the year including accolades for Best Medium Enterprises, Haimlall Persaud; Best Youth Enterprise, Munesh Persaud; Best Small Enterprise Project, Hardat Pearce; Best Micro Enterprise Project, Cecelia Peters; Best Woman in Entrepreneur, Naveta Ramkripal; and Best Agricultural Project, Jagdesh Sookhoo.
Jun 25, 2022Guyana’s Trevon Prince is through to the boys under20 800m finals which is scheduled for today at the National Stadium in Jamaica. Prince is competing at the Jamaica National Trials which is being...
Kaieteur News – While walking with my dog, I lost the keys to my car on the Eve Leary beach one evening in last week.... more
Kaieteur News – Guyana passed into law a Local Content Act. Among the aims of the legislation was the prioritising... more
Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.
Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]