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Guyana gets 23.4M in sugar support from EU

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Friday, 27 September 2013

Guyana gets 23.4M in sugar support from EU

Guyana signed 23.4M Euros financing agreement on 20th June 2013 as part of Europe’s continuing Sugar Support Programme. The funds will be disbursed for the 2012/2013 program and will see Guyana drawing down on 115M Euros since the program started back in 2006. Earlier this year, EU said that since 2006, when the program started, it made available91.5M Euros to Guyana.
These supports have assisted the Guyana National Action Plan (GNAP), which focuses on adaptation of the sugar industry by measures which include the upgrading of sugar factories, adding value through sugar packaging and co-generation of power, increasing sugar production and mechanizing field operations, thereby enhancing the competitiveness and productivity of the sector.
The EU provides considerable funding specifically for the sugar industry under the Accompanying Measures for Sugar Protocol countries. This Protocol, which was formerly part of the Cotonou Agreement and granted 18 ACP countries including Guyana preferential access to the EU market (sale of guaranteed quantities at a fixed price), had to be dismantled following a ruling of the World Trade Organisation (WTO) mandating the EU to change its sugar regime. In order to mitigate the effects of revenue reduction for these countries as a consequence of the termination of the Protocol, the EU put in place in 2006 a support programme for accompanying measures with additional funds

Source: Kaieteur News