The Inter-American Development Bank (IDB) has approved a US$5 million loan aimed at strengthening Guyana's financial sector.

In a release, the IDB said the funds will assist the country to boost access to financial services and achieve greater transparency.

The money is the second installment of a three-part loan disbursement, of $5 million each, under the Bank’s Country Strategy for Guyana (2009-2012).

The IDB said the second loan disbursement will go towards measures to improve supervision, enhance transparency, and boost efficiency at Guyana’s central bank.

The bank says the financing will also support measures to curb money laundering, while promoting increased access to credit and other financial services for firms and individuals.