Belgium - Plans to build Seneffe beet sugar factory shelved - banks won't finance the venture

摘要

The plan to build an ultramodern beet sugar factory in Seneffe was abandoned after the project backers Cooperative des beetraviers transformateurs (CoBT) failed to raise necessary funds from banks.CoBT needed financingof €227 million from banks having raised €133 million from the co-operative members comprising mainly beet growers (€58 million), private investors (€64 million) and public funds (€11 million).The decision to shelve theproject came after fruitless talks with banks and potential investors over several months. CoBT suggested that this in good part related to opening up the sugar sector global market forces in 2017 making the industry vulnerable to volatilityin the market-place.