Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697743593522.pdf (Guyana)
GUYANA DEMERARA AGREEMENT ON NATIONAL MICRO CREDIT PROGRAMME; WOMEN OF WORTH (WOW) FACILITY Under Section 15 A of the fncome Tax Act ap.
81 :01 THIS AGREEMENT _is made this 6th day of July, 2010 between the GOVERNMENT OF THE CO OPERATIVE REPUBLIC OF GUYANA acti ng through the Office of the Minister of Finance, Main Street, Georgetown, Demerara, Guyana, (herei nafter called 'the Govemment') and the Guyana Bank for Trade & Industry Limited, a company incorporated in G uyana and continued under the Companies Act 1991 , being licensed under the Financial Institutions Act 1995 to carry on banking business in Guyana, whose registered office is at Lot 47-48 Water Street, Robbstown, Georgetown, Demerara, Guyana (hereinafter called ' the Bank') which expression shall include its successors or assigns.
WHEREAS the Minister of Finance is empowered under section 15A of the Income Tax Act Cap.

81 :01 , to designate by order as an approved small business lending company, any company which has entered into an greement with the Government whereunder the company agrees to finance small business loans.
AND WHEREAS the Govermnent is desirous of developing a programme to assist female single parents or female headed households whi ch :- a) provides the women with information, technical ass istance and access to credit, the tools they need to successfully start and grow their businesses.
b) provides the women with special training and experiences that wi ll help build their self confidence and increase their sense of self esteem so that they can overcome the numerous hurdles they may face both personally and professionally and be able to compete successfully in the marketplace.

... c) helps women to adch·ess and overcome the gender related obstacles that, as women, they will encounter in the business world.

:fol f ) AND WHEREAS the Bank.


mind ful of the programme of the Government to enhance national development tlu·ough the empowerment o rfemale single parents o r lcmale headed househo ld s has decid ed to partner l' ·~fl· the Government on a Programme to fina nce small business ve ntures by female single parents or [emnk headed househo lds.
NOW THEREFORE this Agreement is entered into between the Govemment and the Bank in order th at tht Bank may be designated RS an a pproved small business lend ing co mpany, subj ect to the other cond ition" hereunder- 1.
The Bank hereby agt·ees as fo llows :- a) that it shRII alloca te a loan faci lity totali ng fi ve hundred mi ll ion do llars ($500,000,000 1 (hereinafter referred to as the ' Women o [ Worth (W O W) racility' ) raised by deposits or such other means as the Bank shall in its sole disc retion determine to provide fi nancing for femal e s ingiL pare nts and female beaded househo lds des iro us of pursuing a sm all bus iness venture by ma kin~ loans in accordance with the term s of thi s Ag reement t o single wo men for the so le purpose ot pursuing a small business venture there by prov iding an op pot1unity to earn an incom e and lead '' norm al life by providi ng for herself and family.
b) that a loan granted shall not be required to be secured.
c) that for any permi ssible re-negotiation of a loan including the reschedu ling o r refi nancing thereol the be nefits and exemptions afforded the Bank under and by virtue of this Agreem ent shall appl ~ to such re-negotiated loan as it would to the original loan: Provided that nothing in lhis Agreement shall be laken o r interpreted as an absolute obligation on the Bank to make a loan in every case of an application for same and it is hereb' confirmed and understood that the Bank shall in its so le di scretion be respon sible fo r th• making of loans.
d) the Bank w ill provide the Government with an Interview Worksheet, which w ill be tht criterion used to establi sh eligibility for a loan under the facility.

2 e) The Bank shall be responsibl e tor nil the financial ri sks associated with its lend ing under the Women of Worth (WOW) Facility.

2.
2.

Eligibility riteria Applicants for loans under thi s facility must be:- a) registered with the Ministry or Human Services and Social Secu rity as a female single parent or fe male head of a household; b) deemed by the Government to qualify under the facility and be issued with a Bank Introduction Letter by the Government.
3. Financing Conditions J he Bank agrees to offer financing as foll ows: a) to registered individuals to a max imum of two hundred and fifty thousand dollars ($250,000); b) to waive business fees normally chargtd by the Bank tor its lending services.

Tlus does not include stamp duty and value added tax (VAT) where applicable.

-4.

Exemption I he Government hereby exempts from tax the income of the Bank related to loan s advanced in accordance wi th the terms of this Agreement.

5.
5.

Pos ible V entures to be fman ced under the Women of Worth (WOW) Facility include but are not ltmited to: a) Food Preparation b) Cake and Pastry Making c) Uniform and Dress Making 3 I -.

d) Juice Extraction and Processing e) Graphic Design in g f) Cosmetolog) (hair dressi ng, facial treat ment.

pedicure~.
pedicure~.

manicures) g) Barbering h) Craft and Novelty maki ng i) Kitchen Gardening j ) Poultry rearing k) Pest control business I) Garbage disposal m) Picture framing n) Floral an·angi ng o) Engraving p) Tie Dye and Fabri designing q) J rome Care services r) Jntemet Cafe s) Upholstery and Joinery t) Masonry u) Photography v) Ti le etting 6. lnt ere t Rate The rate of interest to be charged on the loan shall be six percent (6°:o) per atmum.

7.
7.

Repay ment Pe.-iod Th e designated peri od of repayment shall at no time be more than twenty-four (24) months incl us ive ul' n three (3) to six (6) months moratorium as may be necessat").

e sation of Benefit on Te•·mination 8.

In any event of breach of a term or cond iti on or this Agree ment the relief from taxation and other bendits mentioned above shall cease forthwith.

4 9.
4 9.

Record Keeping \l all times the Bank shall ca use proper records and acco un ts to be kept in relation to its financing Lransactions under the Women of Worth (WOW) Facility and such records and accounts shall be made ava ilable for inspection by the Governor of the Bank of G uyana or by officers duly authorised by the ()ovemor or the Minister of Finance.

l 0.
l 0.

Seve rance 4 II' any provision of this Agreement shall be prohibited by or judged by a Comt to be unlawful, void or unenforceable such provision sha ll to the extent required be severed from this Agreement.

The remaining provisions of this Agreement sha ll no t as fa r as possible be changed or modified and all other terms and cond itions not so severed shall continue in fu ll force and effect.

11.
Termin ation Either party may by giving one year' s written notice to the other party terminate this Agreement providing Lhat the terms and conditions of loans already made under and by virtue of this Agreement shall remain valid and subsisting for all intents and purposes and such obligations of the Government in relation thereto shall remain valid and binding on it fo r the duration of the term of those loans or such shorter time as the obligation or the borrowers to repay the Bank becomes extinguished or are expired .
.. 5 IN WITNES OF THEIR AGREEM E T each party has caused its authorised representative to exeLllll· thi s Agreement effective as of the date first above written.

BY : Dr. Ashni K. Si ngh TITLE: SIGNATURE DATE: 6th July, 2010 Mr. .John Tracey T ITLE: ChiefExecutive Officer STGNATURI!.- ---- "-~ Ministry of Finance Guya na Bank for Trade & Industry Ltd WITNESSES: --f/f-rC(_ .

(' 21 WITNESSES: l .

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