The $14 billion loan secured from Hand in Hand Trust to support the revitalisation of the Guyana Sugar Corporation (GuySuCo) has been fully repaid, according to the 2023 Auditor General’s Report.
The loan, guaranteed by the Government of Guyana, was formalised through an agreement between the Minister of Finance and Hand in Hand Trust Corporation Inc. on 24 May 2018. The funds were raised via National Industrial and Commercial Investments Limited (NICIL) Fixed Rate Bonds, specifically earmarked for the revitalisation efforts of GuySuCo.
The report reveals that as of 31 December 2023, a total of $14.08 billion had been repaid. By the end of 2022, $9.68 billion of the loan had already been cleared, and the remaining $4.4 billion was settled in 2023, extinguishing the entire debt.
In March 2018, NICIL had secured a $30 billion bond to revitalise GuySuCo. Former NICIL head, Colvin Heath-London, had announced at the time that a syndicated bond of $30 billion (US$150 million) was obtained, with NICIL using its assets as collateral. Republic Bank Limited of Trinidad acted as the facilitator of the bond arrangement.
