By the Caribbean Journal staff
The government of Guyana is receiving a $7.5 million loan from the Caribbean Development Bank to improve the country’s sugar sector.
The purpose of the loan is more specifically to enhance the capacity of the Guyana Sugar Corporation Incorporated to “produce and harvest sugar cane on selected estates,” according to the CDB.
The loan was approved by the CDB’s board of directors earlier this month.
The sugar industry was once the mainstay of Guyana’s economy, but it has been in decline in recent years.
In spite of that decline, the sector still contributes roughly 5 percent of the country’s GDP and employed 16,000 Guyanese last year.
The loan is the latest in a series of CDB interventions in Guyana’s sugar industry.