State House

Office of the President of The Republic of Seychelles

News

World Bank loan for growth

December 10, 2010 -- The World Bank has given a loan of $9 million to help the Seychelles economy grow and take it to the next level.

An agreement for the loan was signed on Tuesday at Liberty House, the headquarters of the Ministry of Finance and Trade, by Vice-President Danny Faure and the World Bank's country representative Constantine Chikosi.

The loan for budgetary support and to make it easier for businesses to operate in Seychelles,  is to be repaid in 25 years.

"The economy has gone through a difficult time, but it is remarkable how the economic team here have managed this transition because we now have a much better performing economy, thanks to the policies which have been implemented," said Mr Chikosi.

"We are now focusing not on emergency macro-stabilization but on how we can make the economy of Seychelles grow, checking what needs to be done to take it to the next level," added the World Bank representative.