The European Union says that it is confident that the funds provided to the Guyana government will result in the upgrading of the factories, land conversion and improvements in the sugar industry.
Head of the European Union (EU) Delegation Robert Kopecky and GuySuCo CEO Paul Bhim met at the company’s headquarters at Ogle on Thursday to discuss the changes expected to accrue from the EU’s investment in the industry.
Kopecky subsequently visited the Enmore Sugar Estate, where the modern packaging facility was commissioned on May 9, according to a release from the EU. The facility was commissioned on ‘Day of Europe,’ a press release from the EU said. It also noted that the facility is an important investment that falls under EU support for the sugar industry in Guyana.
The EU is making available 150 million Euros or over $39 billion budget sector support to Guyana from 2007-2013 to allow it to remain in sugar production. To date, 69,250,150 Euros or $18.14 billion have been disbursed to the government.
The EU is assisting the government to reform the sector through upgrading the facilities at GuySuCo’s factories in Blairmont and Enmore, establishing a sugar packaging plant at Enmore, increasing total sugar production and mechanising the company’s operations thereby improving the cost effectiveness of the sugar industry.
“The assistance is being provided through a direct budget support mechanism and the disbursements are triggered by the achievement of performance indicators monitoring the implementation of the sector policy on sugar,” the release said. Funds are also being channelled towards studies, evaluations and audits to ensure effective implementation.
