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Govt. inks $30B deal with three financiers for closed sugar estates

May 25, 2018 News

The Government yesterday signed an agreement for a $30B syndicated bond for four estates which were closed by the end of last year.
Behind closed doors, Kaieteur News understands that an agreement was signed with financiers, the Trinidad-based Republic Bank Limited, Hand-in-Hand Mutual Fire Insurance Co. Ltd and the Guyana Bank for Trade and Investment (GBTI).
The estates have been placed under the Special Purpose Unit (SPU) which falls under the state-owned National Industrial and Commercial Investments Limited (NICIL).
The NICIL unit is tasked by Government to execute privatization plans for the Skeldon, Rose Hall, Enmore and Wales Estates that were closed by the end of last year in keeping with Government’s ‘right-sized’ approach for the Guyana Sugar Corporation (GuySuCo).
The financing is expected to fund capital and operational works at the estates to make them more attractive for investors.
Minister of State, Joseph Harmon, indicated to reporters yesterday that the Government was expected to sign the agreement later in the day to facilitate the release of the funds.
He explained that the SPU continues to undertake what is required by looking at the assets of the estates that are identified for divestment diversification.
Last year, Government established the Special Purpose Unit, hiring Heath-London from Jamaica to supervise the privatization and divestment process of the four closed estates which also included Wales.
Heath-London has been lending advice to the Government of Jamaica and had helped put together the Timehri airport US$150M expansion project that is supposed to be completed this year.
GuySuCo has been racking up a decade of losses despite over $30B in bailouts by Government in the last three years.
An inquiry ordered by the Coalition Government after it came to office in 2015, recommended actions to be taken to reverse the fortunes.

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