Georgetown : In the wake of the media revelations and in the context of its recent execution of the Memorandum of Understanding (MOU) with Natural Globe Guyana Inc., Government has decided to withdraw its execution of the MOU with the firm.
This was announced by Head of the Presidential Secretariat Dr. Roger Luncheon during his post-Cabinet media briefing. He said the withdrawal forestalls the planned move to go ahead with a feasibility study prior to the execution of an investment agreement with the firm.
Dr. Luncheon conceded that due diligence on the investor and the company may not have been enough in terms of the MOU which did not outline any obligations by the Government to provide the commonly required benefits that other investments would require such as providing services or to invest in Guyana.
“The due diligence, I will be the first to concede it did not attract the same level of due diligence as it would have had it been for the execution of a contract. A number of areas were inadequately attended to and the revelations in the media pointed this out rather forcibly for the attention of not just the Cabinet but for the Guyanese people,” Dr. Luncheon said.
The MOU was signed on November 11, between the Ministry of Local Government and Regional Development and Natural Globe Incorporated to see Guyana’s first solid waste recycling plant being installed in Region Four, to ensure improved solid waste management.
This $30M recycling investment was seeking to address that issue and see five transfer stations being installed in the Region, three on the East Coast of Demerara, and two on the East Bank Demerara.
