A private investor is set to take over the Barbados sugar industry with a paper on the planned privatisation to go before cabinet shortly.
The announcement has been made in the House of Assembly by Minister of Agriculture and Food Security Indar Weir.
Mr. Weir has previously said that this year’s crop would be the last sugar harvest subsidised by the government which he said could no longer afford to provide almost 30 million dollars a year to support the sector.
He said the plan was to have a private sector owned industry with little or no government participation and including an employee enfranchisement program, along with the transitioning of Portvale Factory to private ownership with shares available to employees and the public.
Mr. Weir today provided the House of Assembly with an update while seeking to explain why more information on the privatisation has not been provided so far.
Minister of Agriculture and Food Security Indar Weir.