Diversification plans for the Guyana Sugar Corporation (GuySuCo) have been delayed as the government seeks approval to reallocate funds from a $30 billion bond as some priorities have changed.
“We are not necessarily tweaking the terms but tweaking the purpose. Because, for example, one purpose was that the monies would be used for co-generation and buying machines and so on, that will allow them to generate [electricity]. GuySuCo may have a different stance as of now. While they agreed that co-generation is an option, they don’t see that as their top option anymore and so they want to concentrate on activities that will bring the three [sugar] estates into oneness and viability as quickly as possible. And that would require a reallocation of the investment plans that are available; maybe away from co-generation for the time being, but the terms of the bond remains the same,” Minister of Finance, Winston Jordan told Stabroek News in an interview last week.
