CHAIRMAN of the Guyana Sugar Corporation (GUYSUCO), Colvin Heath-London, has announced that within the next two months two major investors are to start agro-processing activities at the Wales Estate.

In an interview on Wednesday supporting the Ministry of Finance’s television programme, Dollars and $ense, Heath-London said, “We are hoping in the near future, within the next two months we should have two major investors in the Wales space, starting agro-production”.

Heath-London, who heads the National Industrial and Commercial Investments Limited’s (NICIL) Special Purpose Unit (SPU), said the entity is looking at major agro-processing and cultivation activities at Wales. He said too that his entity has received several expressions of interest and noted that between GUYSUCO and the SPU, arrangements have been made to re-employ some of the severed Wales Estate workers.

“So we are expecting within this week, re-employment to start which would see another 32-40 workers back at work,” Heath-London stated. Additionally, he noted that only some facilities at the Wales Estate were put on sale, including the senior staff compound; the administrative building, the old factory itself and some lands that are suitable for real estate.

“We had an expression of interest out for a period of one week…we were practically oversubscribed. The results and numbers people have offered for the land far exceeded our expectation,” he stated. Back in 2016, government and the sugar company had decided that in view of efforts to restructure the industry, the Wales factory would be merged with Uitvlugt. That decision resulted in widespread criticism from both workers and the unions that represent sugar workers across the country.

Notwithstanding the protests, GuySuCo had committed to paying severance to those affected by the merger, but was barred from doing so after GAWU filed an injunction blocking the payment, which was to be made on May 13. GuySuCo has been operating at a loss for a number of years, as a result of the world market price for sugar; and as such, a macro approach was taken in relation to the Wales Estate, government stated.

Over the years, billions of dollars have been plugged into the sector, which in the past contributed significantly to the country’s economic stability. Government had announced that feasibility studies are being conducted in the areas of cattle rearing for dairy purposes, orchard crop cultivation, and aquaculture, to name a few activities proposed to be undertaken at Wales.

On Wednesday, Heath-London had disclosed that the SPU secured a $30B syndicated bond to aid in the revitalisation of the country’s sugar industry. “We have made strides in the international markets to secure a syndicated bond for $30B. I am pleased to announce we have been very, very successful and we have very good rates,” Heath-London announced. He told the Guyana Chronicle that the entity will be receiving the cash in two weeks’ time and will have a five-year repayment period.