The African Development Bank (AfDB) has approved a loan of up to US $12 million to provide co-financing alongside the European Investment Bank for the Seychelles submarine cable project.
The executive board of the bank approved the loan, as well as Seychelles’ country strategy paper (CSP), at its 862nd meeting.
The CSP will guide the bank’s engagement in Seychelles for the period 2011-2015.
While discussing the CSP, the board noted the good macro-economic, governance and social indicators particularly relating to the MDG’s as testimony of the government’s commitment to its reform agenda.
The submarine cable project was unanimously agreed to, with board members recognising its critical importance.
The AfDB’s loan is part of a US $36 million financing package to build and maintain an ultra-modern telecommunications cable between Tanzania and Seychelles.
The cable, which is being built by French company Alcatel, is expected to provide enough capacity for high-speed phone, internet, and television communications on the islands for at least two decades.
Surveying work has already begun for the project and completion is scheduled for the middle of next year.
Vice-President and Minister for Finance Danny Faure said he was proud of this outcome and that approval of these two documents was proof that our achievements as a country is being recognised and used as the basis for future cooperation.
He thanked the AfDB for its continued support to the development of Seychelles.
Source: Seychelles Nation
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