Seychelles and Saudi Fund for Development sign two development loan agreements

September 30, 2023

The Minister for Finance, National Planning and Trade, Naadir Hassan and the CEO of the Saudi Fund for Development, (SFD), H.E, Mr. Sultan Abdulrahman Al-Marshad, have signed two new development loan agreements, for a total sum of $25 million.

The signing ceremony took place at Liberty House on Friday 29th September, 2023.

The first loan for a sum of $15 million will go towards the construction of social housing projects, while the second loan of $10 million is for the reconstruction of La Digue School.

Minister Hassan has expressed his appreciation for the continued support of SFD towards the development of the country.

'The government of Seychelles is grateful to the Saudi Fund for Development for the continued support. These two new loan agreements are proof that the government with the support of the Fund is investing in its people. Investing in our people is investing in their future and the future of our country'.

On his part, Mr. Al-Marshad noted that ‘access to quality education and housing are basic human needs that are necessary for a decent, fulfilling life. The SFD is proud to be a partner in the development of Seychelles, and we hope that these latest projects will make a significant contribution to improving the lives of many in the country.'

Following the signing ceremony, the CEO of the Seychelles Infrastructure Agency, Jitesh Shah, said the $15 million loan has been earmarked for the construction of 172 housing units in seven districts and the construction period will be from 2024 to 2026.

The seven districts are Beau Vallon, Anse Aux Pins, Au Cap, Glacis, Anse Royale, Perseverance and Baie Ste Anne Praslin.

“Depending on the size of the projects, the smaller ones will take up to 8 months to complete, while the bigger ones will take up to 2 years. We are planning to start construction on the first batch early next year”, said Mr. Shah.

The Principal Secretary for Housing, Mr. Jude Florentine pointed out that the loan will ease the pressure for housing demand in the country.

"The loan is an additional funding for the construction of social housing on top of what the government is providing in the National budget”, noted Mr. Florentine.

The reconstruction of La Digue school is expected to get underway in 2024 and the completion period is two years.

“This work will be undertaken as one project, instead of in phases. First the government will finance the construction of a temporary school for the re-allocation of the students, in order to clear the current site for the construction to the new school. Our objective is to ensure limited disruption to the education of the students, while construction is underway”, explained Mr. Shah.

Prior to the signing ceremony, Minister Hassan had a bilateral meeting with the SFD delegation.

Present to witness the signing of the agreements were the Minister for Education, Dr. Justin Valentin, Ambassador Beryl Samson (Foreign Affairs Department), SS Patrick Payet (Ministry of Finance, National Planning and Trade), PS Elizabeth Agathine (National Planning Department), PS Jude Florentine and CEO Jitesh Shah.

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