Nearly $2B from a $30B bond facility has been released to the cash-strapped Guyana Sugar Corporation (GuySuCo) for its operational expenses.
This was disclosed yesterday in a statement by government’s holding company, the National Industrial and Commercial Investments Limited (NICIL) and its Special Purpose Unit (SPU).
The statement was in response to a news item that appeared in yesterday’s Sunday Stabroek reporting new GuySuCo Chief Executive Officer, Harold Davis Jr as stating that
GuySuCo has not yet received any funds from the $17 billion that was secured by the SPU since May to revamp its operations and as a result it could not begin the implementation of any of its modernisation.