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| AfDB Approves €15m to Beef up Country’s Reserves |
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The Board of the AfDB has unanimously approved a sum of €15m for Seychelles following its appraisal of our economic reform program. The decision was reached in Tunis, at AfDB’s board of directors meeting on Monday, and communicated via a letter to the Minister for Finance.
The PS of Finance, Ahmed Afif, stated that the approval demonstrated the confidence that was growing both internally and amongst international partners of the Seychelles in the macro economic reform now underway. He welcomed AfDB’s re-engagement with Seychelles after many years and said it would be a major boost to Seychelle’s development efforts. He said the funds would be used to complement other assistance being offered to Seychelles by other multi-lateral institutions to beef up the country’s reserves and to help in balance of payments requirements. The AfDB commended the Seychelles for their commitment and dedication towards reform and look forward with working with the Seychellois. They had particular mention for the work being undertaken in terms of debt reduction. The AfDB cited the importance of enhancing the environment for improved private sector participation in the economic reform and growth recovery efforts as well as diversification of the economy. |
