GEORGETOWN, Guyana (AP) â The European Union is giving Guyana a $39.5 million grant to boost sugar production and renovate factories in the South American country.
A statement from the EU Tuesday says that it will sign the deal with state-owned Guyana Sugar Corporation in coming weeks.
Guyana is the Caribbean's largest sugar exporter, but its production has been affected by strikes, bad weather and a malfunctioning, $200 million Chinese-built factory. Last year, Guyana had the lowest production in a decade with only 219,000 tons (199,000 metric tons).
Guyana is one of four Caricom trade bloc countries still exporting sugar to the EU and the U.S. It is still recovering from a 2005 EU decision to cut import prices for raw sugar by up to 36 percent.
http://www.canadianbusiness.co...oduction-aid-from-eu
A statement from the EU Tuesday says that it will sign the deal with state-owned Guyana Sugar Corporation in coming weeks.
Guyana is the Caribbean's largest sugar exporter, but its production has been affected by strikes, bad weather and a malfunctioning, $200 million Chinese-built factory. Last year, Guyana had the lowest production in a decade with only 219,000 tons (199,000 metric tons).
Guyana is one of four Caricom trade bloc countries still exporting sugar to the EU and the U.S. It is still recovering from a 2005 EU decision to cut import prices for raw sugar by up to 36 percent.
http://www.canadianbusiness.co...oduction-aid-from-eu