The Committee of Supply of Parliament yesterday heard that the Guyana Sugar Corporation (GuySuCo) has exhausted the $30 billion bond financing which was secured for the diversification and mechanization of the industry back in 2018.
The syndicated bond was secured from a group of local and regional banks and was being overseen by the National Industrial and Commercial Investments Limited (NICIL).
During consideration of the 2022 estimates, the Committee of Supply questioned the $2 billion allocation for GuySuCo under the Ministry of Agriculture with subject Minister Zulfikar Mustapha explaining that $251 million has been allocated for fuel, $40 million for fuel, $282 million for other essential materials, $144 million for lorry contractors and $1.283B going towards wages and salaries.
