Guyana will benefit from an 18 million euro financial package from the European Union to boost its sugar industry.
In a statement, the European Union said that the funds will also be used to diversify the sugar industry and also compensate for lost revenue.
This was due to an earlier EU decision to give the CARICOM country an additional US$106 million through 2013 to further support its sugar industry.
The EU said it wants to see Guyana diversify production to include packaged sugars, upgrade factories and encourage private farmers to cultivate land and sell cane to the state-run Guyana Sugar Corporation.
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