IDB Invest lending US$4m for Suriname company to expand bread output here
IDB Invest, a member of the IDB Group, has approved a US$4 million loan to Surinamese company, Fernandes Guyana Enterprise (FGE) to expand bread production here.
A release yesterday from IDB Invest said that FGE is a subsidiary of the Fernandes Group, one of the main economic groups in Suriname.
The release said that the loan supports Fernandes Group’s growth strategy outside of Suriname, by financing an increase in its current bakery production and distribution capacity in Guyana.
“This will lead to higher and more efficient local production of bread products, which are an essential part of the Guyanese diet, and the introduction of new healthier products, while taking advantage of the projected higher spending, additional customer base and new consumption trends in the local market”, the release said.
The release said that the financing also contributes to mitigating the economic and social effects of the Covid19 crisis, by protecting food security, promoting new and more specialized employment, and bolstering market linkages in Guyana.
“FGE will almost double the number of local suppliers and distributors reached. IDB Invest will play an important role by providing the Company the long-term financing required, currently scarce in the local market”, the release added.
The release said the deal potentially contributes to four of the United Nations Sustainable Development Goals (SDGs): No poverty (SDG 1), Decent work and economic work (SDG 8), Industry, innovation and infrastructure (SDG 9), and Reduced inequalities (SDG 10).
In addition, the release said that IDB Invest will support Fernandes Guyana to implement environmental and social best practices, aligned with international standards.
A member of the Inter-American Development Bank (IDB) group, the release said that IDB Invest finances sustainable companies and projects. It has a portfolio of US$13.1 billion in asset management and 385 clients in 25 countries.
The release said that the Fernandes Group is a family business with more than 1,200 employees and operates in the bakery, bottling, automotive, ice cream and distribution sectors.
Robbery charges against TSU constable dismissed after he agrees to pay compensation -pleads guilty to several traffic offences
Robbery charges against a Police Tactical Services Unit (TSU) constable have been dropped after he agreed to pay compensation to the victim.
Delroy Chapman, 25, of Blue Berry Hill, Linden, appeared before Magistrate Crystal Lambert at the Vreed-en-Hoop Magistrate’s Court last week where the
charges were read to him.
It is alleged that Chapman on December 29, at Crane, West Coast Demerara, allegedly robbed Leroy De Santos of his gold chain and his wallet containing $50,000 cash. It was stated that De Santos had been asleep in his car at the time.
Chapman who was not allowed to plead to the charges later informed the court that he was willing to compensate De Santos to the sum of $150,000. The two charges were later dismissed.
Additionally, on January 18, Chapman appeared before Magistrate
Lambert at the same Court where he was charged with five traffic offences.
The accused was charged with being an unlicensed hire car driver, breach of insurance, dangerous driving, uncertified motor vehicle, and unlicensed motor car. He pleaded guilty to dangerous driving and was fined $30,000. Chapman later pleaded guilty to both unlicensed motorcar and unlicensed hire car driver charges and subsequently changed his plea from not guilty to guilty on uncertified motor vehicle charge and was fined $5,000. Chapman was reprimanded and discharged on the other charges.