GuySuco gets $3 billion to commence process for reopening of sugar estates

The Guyana Sugar Corporation (GuySuCo) has been allocated the sum of $3 billion for its recapitalization.

The 2020 National Budget also makes a provision of an additional $2 billion as required. According to Minister of Public Works Juan Edghill, this support to GuySuCo is intended to allow for the financial outlay required towards the reopening of estates.

Edghill in presenting the budget said the monies for GuySuCo is also to cater for deferred/delayed recapitalisation.

The Government has started the process to reopen sugar estates closed by the former APNU+AFC Government.

The APNU+AFC Government had closed estates at Wales on the West Bank of Demerara, Rose Hall and Skeldon in Region Six and Enmore, East Coast Demerara.

The Ministry of Agriculture will be leading this project and already indicated its intention to appoint a new Board of Directors to oversee the Guyana Sugar Corporation (GuySuCo).

Agriculture Minister Zulfikar Mustapha had said too that there will be a reshuffling of the management of the Corporation.