Various sectors of the economy of Seychelles will be experiencing a transformation in the coming years as the Eastern and Southern Africa Trade Development Bank (TDB) commits to sponsoring multiple projects and development initiatives.
Admassu Tadasse, the TDB president, made the press announcement following a courtesy call on President Wavel Ramkalawan at the White House.
He travelled to Seychelles with a delegation from the bank to deliberate on partnership possibilities between both sides. President Ramkalawan gave him a warm welcome upon his arrival in Seychelles and reaffirmed the country’s commitment to working with the TDB as a dependable partner in the country’s economic development strategy.
For his part, Mr Tadasse thanked the Head of State for the gracious welcome and underlined the institutions’ commitment to being a dependable and powerful partner in Seychelles’ economic development.
Discussions focused on TDB’s key financial interventions over the years to support the local economy, past and present, as well as future sectors of mutual interest. “We talked about what we have done to support the economy of Seychelles in the past and what’s ongoing and what we are going to continue to do in the future,” Tadasse said.
The most recent agreement being worked on by Seychelles and the bank will help Air Seychelles with the repayment of its debt to Etihad. The national airline of Seychelles unveiled a rescue plan in January of this year, under which Seychelles will settle its initial $76 million debt to bondholders for just $27.8 million. The rescue strategy for the airline was the product of a meeting between the company’s administrators and creditors.
“Based on the negotiations with the administrators and creditors, the government has taken out a loan with the Trade Development Bank to repay this liability with Etihad which helps to remove the securities on the two twin otters,” said Hassan to members of the National Assembly.
Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is a development finance organisation with an investment-grade rating. Its mission is to fund and promote trade, regional economic integration, and sustainable development while serving 22 economies in the region.
The bank assisted CWS Investment Ltd., a group of Seychellois businesspeople, in acquiring Cable & Wireless Seychelles from Liberty Latin America in Seychelles. With a total value of $107.5 million and $70 million, the transaction completed in November 2019 is also the financial institution’s largest transaction in Seychelles in ten years. TDB facilitated the transaction.
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