Government no closer to quitting sugar industry – Weir – NationNews Barbados – nationnews.com
The government confirmed on Monday that it would exit the sugar cane industry in Barbados and hand it over to the private sector.
Agriculture, Food and Nutrition Security Minister Indar Weir outlined details of the plan to privatize the sector when he appeared on the talk show Down to Brass Tacks on VOB 92.9 FM on Monday.
“Right now we are at the transition point, where the Barbados sugar industry will be privately owned,” Weir said. “The Government of Barbados will step out of this space.
“We have started the process where we have taken on a committee to deal with this, and an empowerment model is being put in place, where the cane fields that are in production under the Barbados Agricultural Management Corporation (BAMC) will now be owned by staff members. , so they take full responsibility for ownership, maintenance and everything else.
The minister said the new arrangement will provide fertile ground for investors intending to use facilities to generate renewable energy.
“Private farmers and farmers who will be part of the empowerment model will own the Portvale plant, which will produce biomass and generate 10 megawatts of renewable energy,” he said.
“There is a prospectus which is in preparation and this prospectus will allow private investment in the plant.”
Weir said the new arrangement will be another opportunity for Barbadians to invest and earn a generous return on investment.
He said the prospectus is expected to be released in December.