Seychelles gets US$20m loan from AfDB to support Covid-19 recovery

SEYCHELLES – The Board of Directors of the African Development Bank Group (AfDB) has approved a US$20 million flexible loan to finance Seychelles’ Governance and Economic Reforms Support Program, expected to help drive the island nation’s macroeconomic stability and recovery from Covid-19 in the medium-term. The government program aims to deepen reforms introduced through the Bank’s Covid-19 Crisis Response Budget Support Program, approved in June 2020 for US$10 million. The reforms are expected to advance fiscal sustainability, improve the business environment and Seychelles’ climate change and environmental resilience. The Bank’s…

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Etihad Airways to sells stake in Air Seychelles

SEYCHELLES – The government of Seychelles had reached a deal to take full ownership of Air Seychelles, following talks with Etihad Airways in which the UAE-based airline agreed to relinquish the 40 percent stake it holds at a steep discount, Seychelles News Agency has reported. Air Seychelles had owed US$72.3 million to Etihad; with the 79 percent write-down, Seychelles will pay US$11.34 million. A total of $71.5 million is still owed to bondholders. Etihad Airways entered a partnership with Air Seychelles in 2012, when it bought a 40 percent share…

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Waldorf Astoria and Canopy by Hilton to debut in Seychelles in 2023

SEYCHELLES – Hilton Hotels & Resort has announced the signing of management agreements to bring its iconic luxury brand, Waldorf Astoria Hotels & Resorts, as well as lifestyle brand, Canopy by Hilton, to the Seychelles.  The properties are scheduled to open in 2023 and will build upon an already impressive Hilton portfolio on the Indian Ocean archipelago, in addition to the soon-to-be-opened Mango House Seychelles, LXR Hotels & Resorts.  “The Seychelles remains unquestionably one of the world’s most desirable destinations for the discerning traveller.  We are proud of the role…

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AfDB approves US$10m loan to Seychelles for COVID-19 response program

SEYCHELLES – The Board of Directors of the African Development Bank has approved a US$10 million loan to the Republic of Seychelles to support the government’s COVID-19 response program. The loan will be channeled toward macroeconomic stabilization, strengthening national health responses to the COVID-19 pandemic, and safeguarding livelihoods and social safety nets. Against a backdrop of declining revenues, the Seychelles government recently amended its budget to respond more effectively to COVID-19, taking on an immense financial burden as it works to enhance the country’s health systems, mitigate job losses, and…

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AfDB supports blue economy with US$800k fund to the African Private Sector Assistance

SEYCHELLES – The African Development Bank has signed an US$800,000 grant agreement with the government of Seychelles to support micro, small and medium enterprises (MSMEs) in its Blue Economy sector. Seychelles’ Minister for Finance, Trade, Investment and Economic Planning, Ambassador Maurice Loustau-Lalanne, signed a grant agreement on 13 March in Victoria, with Nnenna Nwabufo, Acting Director General for Eastern Africa Regional Office signing on behalf of the African Development Bank. The package will help Seychelles develop its marine biotechnology sector, strengthen the capacity of public institutions and private operators, create…

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Investment Evolution completes equity listing on Seychelles Stock Exchange

SEYCHELLES – Investment Evolution Corporation announced the successful listing of 100% of its 106 million common shares on the Seychelles Stock Exchange, MERJ, under the stock ticker “IEC” at 0.15 euro per share equating to an initial market capitalisation of 15.9 million euro. IEC is a global fintech leader in consumer loans and cryptocurrency international transfers. The company has a specific focus on lending to US citizens in its 10 licensed US states via established US business Mr. Amazing Loans, and to Filipino overseas foreign workers (OFWs) located in Europe…

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