 In 2004 it was announced that the Guyana was moving to modernize its sugar industry to cushion the impact of the African, Caribbean and Pacific ACP countries on the world market.As part of a strategic plan to reduce costs and improve productivity, the Guyana Sugar Corporation and the China National Technology Import and Export Corporation (CNTIC) signed contracts on June 22, 2004 in Beijing.As a result of the $110 million agreement which was partly funded by the World Bank, International Monetary Fund and the Exim Bank of China, a new factory was built, which included the Skeldon Sugar cogeneration plant, a distillery and a refinery to be constructed at a later stage in 2008.