World finance body supports Seychelles’submarine cable project

Seychelles’ submarine cable project has attracted the support of the world’s largest multilateral source of finance for private sector projects in developing countries.

The International Finance Corporation (IFC) confirmed its willingness to help Seychelles in this project during a working mission Finance minister Danny Faure had in Washington recently.

Minister Faure said given the improvement in the macro-economic environment, the IFC will be sending a mission later this year to discuss with the private sector areas of investment and cooperation.

During his working visit in Washington, Mr Faure held high level discussions on the ongoing second generation of reforms with the International Monetary Fund (IMF), World Bank and the African Development Bank (ADB).

Mr Faure, who was accompanied by the Governor of the Central Bank, Pierre Laporte, also met with finance ministers from China and Algeria to further discuss debt re-scheduling and expects positive outcomes before June this year.

The delegation also met with the US Treasury Department where they gave an overview on the Seychelles economy.

On the sideline of the April IMF/World Bank spring meetings, Minister Faure held bilateral talks with the finance minister of the Kingdom of Bahrain, Sheik Ahmed bin Mohammed Al Khalifa. The two ministers signed a double taxation avoidance agreement.

Source: NATION 4-28-10