Latest update May 10th, 2024 12:59 AM
Mar 03, 2022 News
Kaieteur News – President Irfaan Ali this week told his CARICOM counterparts that Guyana has been able to mobilise financing for agriculture investment, through a facility called the CARICOM Sustainability Agriculture Credit Facility, using Republic Bank Limited as a lender.
This is a special facility designed for agriculture activities including, but not limited to, development of priority crops, capital equipment for farming, feeder roads to provide access to arable lands, bulk storage for crops, processing plants, shade house farming, the Department of Public Information is reporting Ali as saying.
Ali made the announcement during his address at the CARICOM Inter-sessional Meeting of Conference of Heads of Government being held in Belize. This facility provides funding for up to five years to repay up to G$2b to Guyana and US$100m to all CARICOM member states, with interest rates as low as 2.5%. Ali who is also the Lead Head for agriculture in the CARICOM bloc reported that there has been concrete progress in this regard.
President Ali, DPI reported, in the capacity of Lead Head on Agriculture, Agricultural Diversification and Food Security, presented on Tuesday an action-oriented and solution-based proposal, aiming at the 25% reduction of the food import bill by 2025 as was mandated by the CARICOM Heads of Government. He outlined the significant contributions made over the one-year lifespan of the Special Ministerial Taskforce (MTF), with specifically developed investment projects in poultry, corn, soya, and mutton (black belly sheep).
In the area of de-risking the agriculture sector, the MTF received a proposal from the GraceKennedy Insurance Company Limited Jamaica and has started the first stage of implementation. They have also commenced exploring public-private partnership models for transportation and logistics.
The Head of State of Guyana made a detailed presentation on each country’s report of current and target commodities to achieve 25% reduction by 2025, outlining both constraints and actions needed. At the same time, he highlighted that coffee, cocoa, coconut, spices, hemp (industrial) and palm oil are high-value goods imported into CARICOM with potential for development in the region.
Production is expected to increase from 25% to 700% to be able to significantly reduce food imports by 2025. To achieve this, national expenditure on agriculture must be increased. On average CARICOM member states expend an estimated 2.1% of national expenditure on agriculture. However, President Ali implored that a significant increase is required of about 5% expenditure in agriculture by 2025 by each member state. Guyana is committed to expending 10% of the national budget to agriculture by 2025.
President Ali also highlighted the global developments and its implication in the agricultural implications in the region. Given the critical need for improved connectivity to foster the easy movement of cargo, President Ali also spoke to the issue of ‘Improving CARICOM Food Security through Enhanced Maritime Transport’. The Guyanese President was commended by Heads of State and governments for driving the transformational agriculture agenda. The Heads hailed the President’s passion and leadership in addressing this most critical issue of food security facing the region. In addition to adopting the recommendations, Heads pledged their full commitment to the plan as presented by President Ali.
It is disgusting that our teachers have to protest in the streets for a…
May 10, 2024
– President Ali visits Guyana National Stadium By Rawle Toney Kaieteur Sports – Yesterday, the National Assembly successfully passed the ICC Cricket World Cup West Indies Bill, 2024,...Kaieteur News – This column does not respond to criticisms, except where there is misrepresentation of what was said... more
By Sir Ronald Sanders Waterfalls Magazine – On April 10, the Permanent Council of the Organization of American States... more
Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, 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]