News

Close to $2B disbursed to GuySuCo

THE National Industrial and Commercial Investments Limited/Special Purpose Unit (NICIL/SPU) said almost $2 billion has been disbursed to the Guyana Sugar Corporation (GuySuCo) for operational expenses of the Albion, Blairmont and Uitvlugt estates.

In a release, NICIL/SPU noted that disbursement of the funds is in keeping with plans of the coalition government to make the industry viable and to safeguard the future of the 11,000-plus workers.

NICIL earlier this year was mandated to seek financing for the smaller-sized corporation targeting retooling, diversification and improved agriculture.

This was being pursued even as work was being done to privatise and divest the Skeldon, Rose Hall, Enmore and Wales estates.

Through local financing, arranged by Republic Bank Limited, the NICIL managed to successfully negotiate a Bond Facility for GYD $30B, with significant input from the Ministry of Finance.

A full G$30B has been secured, but the NICIL requested GYD $17B in the first tranche.

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