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The construction of the Skeldon Factory cost the tax paying public approximately US$200 million. Then President Bharrat Jagdeo who invested the money, which at the time was larger than the nation’s budget, said it was a worthy investment to turn around the beleaguered Guyana Sugar Corporation (GuySuCo).
The factory, which was built by the Chinese company, CNTIC, was commissioned in 2009 by the Bharrat Jagdeo administration. This factory has turned out to be the largest failed public sector project in the country’s history.
Not long after construction, the factory became a white elephant and was abandoned by the People’s Progressive Party/Civic Government. The roof has now fallen but the tax paying public is still repaying the loan.
Many have said the investment was futile, pointing to the fact the factory was never functional and Guyana has lost a lot of money.