$60M sugar shot

Minister of Finance Chris Sinckler says urgent financial help is on the way for the dying sugar industry.

Delivering the feature address at the annual general assembly of the Barbados Agricultural Society at the Lloyd Erskine Sandiford Centre this morning, Sinckler announced that the Ministry of Agriculture, which is led by Dr David Estwick, and the Barbados Agricultural Management Company, the BAMC, were in an “advance stage” of concluding a facility through the Ansa Merchant Bank of Trinidad and Tobago for an injection of $60 million.

I am also advised that the first $30 million [from that facility] should become available in the next few weeks, once final terms are agreed between the parties and signed off by the Ministry of Finance and the Cabinet of Barbados,” Sinckler said.

Minister of Finance Chris Sinckler
Minister of Finance Chris Sinckler

The Minister of Finance said the money was needed in the short term not only pay farmers for their contributions to the last crop and for the preparation of the next two to three crops, but also to ensure that the BAMC, as the agency designated by Government to oversee the industry’s affairs, “can advance initiatives for the transformation and upgrading of existing acreage and possibly new acreage under cultivation”.

Sinckler said this work will be absolutely critical “for the upstream transformation and the build out of a new multi-purpose factory to diversify and differentiate the function of the current sugar industry into a sugar cane value added enterprise.

“It will be utilising multiple applications, including the generation of electricity, spread cost, enhance efficiencies, grow earnings and secure profits,” he told the gathering.

5 Responses to $60M sugar shot

  1. Veroniva Boyce
    Veroniva Boyce October 25, 2014 at 11:33 pm

    Oh dear, here we go the Sinc is blocked again. He must stop plucking figures out of the sky. Very strange he could seek financial help for DYING sugar industry and cannot pay: staff salaries, staff redundancy, pension, unemployment benefit, bursaries

    • Veroniva Boyce
      Veroniva Boyce October 26, 2014 at 10:07 pm

      The Government don’t want to devalue the Barbados Dollar, but want the devalue Trinidad dollar knowing full well they are unable to repay the debt. They spit up in the air and it dropped in their face.

  2. Movement of Concerned Citizens
    Movement of Concerned Citizens October 26, 2014 at 10:03 am

    Why would anyone believe these lying buffoons. Remember this project was supposed to start in January 2014 for 270m? Now is 2016 (God knows when) for 400m? Please stop publishing the NONSENSE AND LIES SPEWED FROM THE LIPS OF THESE BUFFOONS. http://bit.ly/NewSugarFactory

  3. jr smith October 26, 2014 at 10:23 am

    What real parts are bajans contributing, in the management and technical knowledge of the sugar industry.
    Is they enough leverage from these persons, if any, as for the industry to accept advise from the same.

  4. PhatKat Kalonji
    PhatKat Kalonji October 26, 2014 at 1:19 pm

    Plz fa ma tax refund…dahs wha


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