MoU signed for US$10M investment in cassava processing plant

…project to create over 100 jobs, provide opportunities for rural communities

The Guyana Energy Conference and Supply Chain Expo 2024 has led to several partnerships, including one that will see a Guyanese born Attorney-at-Law and her husband, partnering with an international company to set up a US$10 Million cassava processing plant.
The announcement was made on Tuesday of a partnership between Kumasi and Globaltec Dessarollos e Ingenieria S.A, a company based in Madrid, Spain. It was revealed that a MOU was signed on the sidelines of the ongoing Guyana Energy Conference and Supply Chain Expo.

According to Loida John-Nicholson, an Attorney turned Director on Kumasi’s board, the partnership will see a US$10 Million cassava processing plant set up. The project will also see the creation of approximately 100 jobs and opportunities for participating communities, though she declined to reveal the location of the project.
“We are pleased to announce we signed a Memo of Understanding with Globaltec Dessarollos. So, we’re in partnership with them for an innovative cassava processing plant in Guyana. The initiative reflects commitment to sustainable development, community empowerment and environmental stewardship.”
“The project aims to create over 100 jobs and empower Guyanese youth. It aligns with the national goals for economic diversification and supporting the local economy. Globaltec specializes in turnkey projects, agricultural and agro-industrial sectors,” John-Nicholson said.

She noted that her company, Kumasi, is not restricted to agriculture but rather has an eye towards other opportunities as well. According to the Attorney, the company also has investors who’re interested in oil and gas, as well as other natural minerals.
“With respect to agriculture, I’m a country girl. And so, this is in my blood. Even though I lived in Georgetown when I was growing up, my father believed that agriculture is the single most important thing if you want to be able to be not only monetarily free, but create monetary opportunities.”
“Our involvement in this project is a testament to our belief in the power of diversity, collaboration and innovation. We see this as a unique opportunity to contribute to Guyana’s economic development and to foster a sense of unity and shared purpose across diverse backgrounds.”
John-Nicholson, who will be supported by her husband and fellow Guyana born President of Kumasi Ian, meanwhile also revealed she is also pursuing her necessary Legal Education Certificate (LEC) to enable her to practice law in Guyana.

The new cassava plant is likely to align with Guyana and the region’s ambitions to slashing the food import bill by 25 per cent by 2025. Guyana has taken the lead on this in the region and at the 32nd Inter-Sessional Conference of the Caricom Heads of Government, a special ministerial task force was established and tasked with guiding the transformation of the regional agri-food system towards full commercialization. A prime focus was to address the rising food import bill and to stimulate investment in agriculture and food production.
The Agriculture Ministry was allocated $97.6 billion in Budget 2024 for the advancement of the industry. The largest portion of the agriculture budget, totalling $72.3 billion, is earmarked for drainage and irrigation works, acquisition of 40 mobile pumps, and $6 billion to bolster the sugar industry, specifically targeting improvements in GuySuCo’s production and operational efficiency.
Additionally, of the $97.6 billlion budgeted for the agriculture sector, $1.3 billion would be expended by the Guyana Rice Development Board (GRDB) to support increased production and productivity in the rice industry.
In terms of other crops, cultivation of corn, soya bean, citrus, spices, coconuts, high-value crops such as broccoli, cauliflowers, bell peppers, romaine lettuce, carrots would be expanded. In 2024, Government would continue to accelerate coconut production by investing in 39,000 high-yielding seed nuts as 500 additional farmers are targeted. (G3)