The investors of a two-hotel project at Ogle have snagged a 200-acre land deal with the National Industrial and Commercial Investment Limited (NICIL) at Wales, West Bank Demerara.
On it, they are planning to build a cold-storage facility that will work with a state-constructed agro-processing project, right in the area.
Yesterday, at a launching at Wales, a community that was tied heavily to sugar a few years ago, until the estate was closed, it was disclosed that the investment company, Caribbean Marketing Enterprises Incorporated (CMEI), will secure overseas markets for farmers.
The transaction will be looked at closely, as Wales is one of four sugar estates closed within the last four years by the Coalition Government.
The sugar industry nosedived in the last two decades after losing its preferential European market, and facing migration of workers, aging factories and lower world prices.
With little capital injection, Wales was the first to go, sparking deep anger in the mainly Indian-populated community.
Government has argued that the loss-making sugar industry has been one of the biggest drags on the economy.
At the Wales area, there were thousands of acres of canelands which had to be divested.
The Opposition has made it clear that no transaction can be conducted at this time, at least no major ones by the government which is in campaign mode, ahead of a March 2nd elections.
Leading the CMEI investors is well-known Guyana-born, New York-based businessman, Edmon Braithwaite.
Yesterday, Brathwaite told farmers, Minister of Agriculture with responsibility for Rural Affairs, Valerie Adams-Yearwood, and others, that his team of investors has the experience to enter almost all sectors in Guyana.
He said that an “incredibly capable” CMEI intends to work with farmers and others in Wales to ensure that their produce meets the market.
One of the investors is Mike Elliott, who CMEI said has experience in building hotels across the world.
According to Rachael Henry, NICIL’s Business Development Officer, the transaction will be clear testimony of the entity’s evolving role. She pointed to the $4B food import bill Guyana is saddled with annually, and pointed out that a number of former sugar workers have been leased lands.
Farmers have been planting citrus, rearing cattle and passion fruit, among other things.
Apr 06, 2020By Zaheer Mohamed Port Kaituma Football Foundation (PKFF) is one of the leading sports organisations in Region One. The body was formed in 2009 with the aim of developing sports in the area. Its...
Editor’s Note, If your sent letter was not published and you felt its contents were valid and devoid of libel or personal attacks, please contact us by phone or email.
Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]