GEORGETOWN, Guyana – IDB Invest signed an agreement to finance $25 million to Unicomer Guyana Inc, through its real estate division, Redstart Guyana. The funds will be used to build a commercial complex and megastore named “River Place,” located at Farm in East Bank Demerara. The Unicomer Group of companies is a subsidiary of Milady Group and Liverpool Group, and it is one of the largest retail companies in the Caribbean, Central America, and South America.
With this financing, IDB Invest will play an important role in supporting Unicomer Guyana Inc., sustainable growth, and expanding business opportunities for local micro, small and medium enterprises (MSMEs). The number of suppliers is expected to increase as well as the value of purchases from local MSME.
“Our commitment is to support investment to promote improved productivity to boost development in the region,” said Lorena Solorzano, IDB Group country representative. “With this partnership, we are expanding business opportunities for local MSMEs while responding to an increasing demand of middle and low-socioeconomic segments for retail products in Guyana.”
With the construction of the commercial complex, the company is expected to employ approximately 100 new persons during construction and provide 30 spaces for businesses to operate, which will generate more local employment. Additionally, the construction includes a strong focus on sustainability by using LED Energy, solar panels, and local materials to leverage the local construction supply chain.
“The Unicomer Group has had a presence in Guyana for more than 30 years, starting with its flagship brand Courts. This multi-million-dollar investment demonstrates the company’s commitment to the economic development, growth and most importantly the people of Guyana,” expressed Errol Le Blanc, Caribbean vice president, Unicomer Group.
The project’s Environmental and Management Plan will also focus on continuous improvement of the company’s Environmental and Social Management Systems (ESMS), alongside emergency response, and occupational health and safety policies and procedures.
The project is also expected to contribute to the Sustainable Development Goals (SDGs): SDG 8: Decent Work and Economic Growth; SDG 9: Industry, Innovation and Infrastructure; SDG 10 Reduced Inequalities and SDG 17 Partnerships for the Goals.
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