EU sweetens sugar industry with $5.6B

May 18, 2011 News

– A further $22.3B by 2013

The European Union (EU) and Guyana have signed a Financing Agreement which will provide up to $5.62 billion (Euro 18,805,000) this year to support the sugar sector in the framework of the accompanying measures to the changes in the EU trade regime with Sugar Protocol Countries. A further $22.35 billion (Euro 74,772,000) will be made available for the period 2011-2013.
The funding comes as part of measures by the EU to support the country’s sugar industry after Europe ended its preferential trading agreement with Guyana and the rest of the African, Caribbean and Pacific (ACP) group of countries.
Beginning in 2009, the EU began buying sugar for 36% less than before, and the Guyana government had estimated that this would result in an annual loss of $7 billion.
In announcing the new support for the local sugar industry, the Head of the EU’s Delegation in Georgetown, Ambassador Geert Heikens, emphasized the importance of the sugar sector in the economy of Guyana and the vital role that the EU’s support plays in enabling the sugar industry to become more competitive.
This latest grant to Guyana is part of the EU funded Multi-annual Sugar Programme 2007-2010 which supports the Government of Guyana in its efforts to improve the competitiveness and viability of the local sugar industry and to promote agricultural diversification.
The EU said the funds are intended to be used to increase sugar production and expand market shares, as well as diversify the sugar industry, adding value to the final product.
In addition, the EU said the latest round of support would help improve the efficiency and profitability of sugar cane and sugar production while reinforcing private cane farming.
Some of the funds will also go towards upgrading factories and provide skills training in phytosanitary and market standards for agricultural students.
The EU said the assistance will be provided through a direct budget support mechanism and the disbursements will be triggered by the achievement of performance indicators monitoring the implementation of the sector policy on sugar, as well as progress in the export of agricultural produce.
Funds will also be channeled towards studies, evaluations and audits to ensure effective implementation.

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EU sweetens sugar industry with $5.6B

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