GuySuCo has not yet received any funds from the $17 billion that was secured by the Special Purpose Unit (SPU) since May to revamp its operations and as a result it cannot begin the implementation of any of its modernisation plans, newly-appointed Chief Executive Officer Dr. Harold Davis Jr says.
“There has been a lot said in the press about all this money but that is, strictly speaking, not quite true because we have not yet received the funds that we really need,” Davis told Sunday Stabroek News in a recent interview.
The government holding company, the National Industrial and Commercial Investments Limited (NICIL), which set up the SPU, officially issued a $30 billion equivalent bond facility, arranged by Republic Bank Limited. NICIL had said that the bond would be issued in multiple tranches, with the first tranche of roughly $17 billion or US$85 million equivalent having already been issued in May.