An agreement to contribute to the development of Hururu in the Upper Berbice River was signed today between the Bauxite Company of Guyana Inc (BCGI) and the government of Guyana through the Ministries of Amerindian Affairs and Natural Resources.
This agreement will see the BCGI receiving an additional 155.5 acres of land to expand their operations with a lease that is valid for 17 years.
The bauxite company will be investing some $4.3B in 2013 and 2014 during the first phase of the project. Under the agreement, the community will benefit from $1.1M payable at the end of each month for the upgrade of roads and the wharf.
The community has been benefitting since 2005 from a previous agreement with a monthly payment of $1.3M by the said company.
Toshao of the community Winsbert Benjamin expressed his satisfaction with the arrangement which he said will assist them to make the village better.
Additionally, Managing Director of BCGI Sergey Kostyuk explained that he is looking forward to this new investment.
Meanwhile, Minister of Environment Robert Persaud welcomed the new investment by the Russian based company and urged BCGI to follow all the requirements agreed to in the documents signed today. Persaud said the agreement reflects the commitment of the government to bring more foreign investments into the local economy. [Nickhail Jaundoo]