Ali woos overseas-based Guyanese to invest in condos

Last Updated on Friday, 16 December 2022, 11:08 by Denis Chabrol

President Irfaan Ali Thursday night encouraged overseas-based Guyanese and local investors to pool their monies to invest in condominiums in upscale areas.

“We have a lot of liquidity that exists in the Diaspora. This is a challenge to the Diaspora. I challenge you today. You can’t do it individually, come together,” he said.

Addressing the Georgetown Chamber of Commerce and Industry’s annual awards ceremony, Dr Ali said overseas-based Guyanese could pool US$10 million to US$20 million,  add that to funds that the local private sector could mobilise to construct condominiums.

“Build condos in high-end areas. The market is there. Everybody from the Diaspora wants to come and live here. Why you don’t you do this collectively?,” he said.

The President also recommended that at least 20 Guyanese business persons and craft a business plan to raise capital from the Diaspora.

He said Guyanese entreoreneurs could “better yet” develop and presell business plans and get the Diaspora to invest in an at least 5,000 new apartments from which they could earn rent. “This is what Silica City will be doing; seeking out private investment from around the world. That is how all smart, innovative cities are built so we have to be proactive, we have to be innovative,” he said.

Guyana has already passed the Condominium Act.