Seychelles benefits from ADB assistance

Posted in Business and Economy, International relations at 11:57 pm by Robert Klien

It has been previously suggested that Seychelles has good opportunities to benefit from assistance from the African Development Bank (ADB). The annual meeting of the ADB has already been discussed as well as it has been mentioned that the Seychelles’ delegation also took the opportunity to meet with such development partners as the Arab Bank for Economic Development in Africa (BADEA), OPEC Fund for International Development (OFID) and the Kuwait Fund in order to discuss on-going and future co-operation.

The results of the meetings are promising for Seychelles.

BADEA, OFID and Kuwait Fund are going to jointly finance construction of 2 schools on Ile Perseverance.

The ADB has decided to assist Seychelles with a grant in order to carry out a feasibility study to assess the electricity needs of Seychelles. Having returned from the annual ADB meeting, Patrick Pillay, the Minister for Foreign Affairs and International Cooperation, announced that a team from the bank is expected to come to Seychelles before the end of the year in connection with the study.

According to Pillay, the above-mentioned have been possible because of the good rating Seychelles is enjoying.

It is worth noting that Seychelles cleared all its arrears with the African lending institution earlier in 2006, and therefore it can enjoy more benefits that the bank offers as well as it can air its concerns in various forums.


Seychellois executive director at African Development Bank

Posted in International relations, Seychelles banking at 11:42 pm by Robert Klien

The Ministry of Foreign Affairs & International Cooperation has announced that Seychellois Peter Sinon was appointed as executive director of the East Africa Constituency of the African Development Bank (ADB).

Sinon’s election for 2007-2010 took place during the 2007 Annual Meetings of the Boards of Governors of the African Development Bank Group (African Development Bank and the African Development Fund)  which was held in Shanghai, China, on May 16-17, 2007. At the meetings, Seychelles was represented by a delegation led by Patrick Pillay, the Minister for Foreign Affairs & International Cooperation.

Before the appointment, Peter Sinon, High Commissioner of Seychelles to the Republic of South Africa and the Republic of Namibia, had been working as alternate executive director and adviser to the executive director to the ADB Board of Directors, representing the East Africa Constituency.  The East Africa Constituency includes Seychelles, Kenya, Ethiopia, Rwanda, Tanzania, Eritrea and Uganda.

The ADB is a regional multilateral development bank established in 1964 to promote the economic development and social progress of regional member countries in Africa. As Seychelles has high per capita income, it is among the few African countries which can borrow from the African Development Bank.

The Seychelles’ delegation had the privilege to meet in a separate meeting with Daniel Kaberuka, the ADB President, during the annual meetings. The delegation also took the opportunity to meet with such development partners as the Arab Bank for Economic Development in Africa (BADEA), OPEC Fund for International Development (OFID) and the Kuwait Fund.


Barclays Seychelles opens new branch

Posted in Seychelles banking at 8:33 am by Robert Klien

Barclays Bank has announced that tomorrow, on May 23, 2007, a new retail branch of Barclays Bank (Seychelles) will open at the Providence Industrial Zone.

The branch located in the P&J building complex will work from 8.30 a.m. to 2.30 p.m. Monday to Friday to offer all the normal branch services such as cashiering transactions, ATM services and loan processing.

As it has been said by the bank’s rpresentative, new branch opening is part of the Barclays Bank’s strategy to expand its retail footprint across the different groups of population in order to bring services closer to customers and the public as such.

Providence Industrial Zone has been chosen because over the years it has seen an increased level of business activity, and the bank believes this trend will continue in future.

The new branch is expected to bring quick benefit to bank’s customers as far as they will have possibility to choose the closest branch and to shift their banking to wherever is convenient for them.

Frank Hoareau, the managing director of Barclays Bank (Seychelles) Ltd., commented on this improvement the following way: “This is indeed an important milestone in our operation here in Seychelles which brings a lot of pride to our staff and our customers. It shows our commitment to them and the country, that Barclays is prepared to continually invest to improve on what we have to offer”. He also added that bank’s customers will get excellent service when, where and how  they want it. Hoareau has no doubt that new branch of Barclays Bank (Seychelles) will be tremendously beneficial to businesses in the area.


Files on Krejčíř stolen

Posted in Bilateral Treaties, International relations at 1:11 pm by Robert Klien

It has already been said that the Seychelles has prepared a bilateral extradition treaty with Czech Republic. This was particularly essential as Czech Republic needed the extradition of fugitive and alleged mob boss Radovan Krejčíř who fled his homeland and has lived in the Seychelles since 2006. His Seychellois citizenship, which he purportedly bought in 1996, troubled his extradition process, however, the bilateral extradition treaty could finally get the criminal given out.

Now the Krejčíř’s case seems to be complicated as far as last week his files were stolen from a car of an attorney working at the Supreme State Attorney’s Office. Until yesterday, the Supreme State Attorney’s Office seemed to keep the theft of the files secret. The stolen documents are not related to the penal cases in which Krejcir is involved, but they describe planned steps of the Czech judiciary to get Krejcir’s extradited.

Supreme State Attorney Renata Vesecka confirmed the loss of the files, however, she also stressed that this is not going to threaten the Czech Republic’s effort in the case of Krejčíř’s extradition.

The police is investigating whether someone particular could stand behind the theft of the documents as they were very significant for Krejčíř’s proceeds.

On May 17-24, the South African court is to decide whether Krejčíř will be released on bail or not.


Emirates supports Seychelles resort

Posted in Business and Economy, Foreign investments at 8:36 pm by Robert Klien

On May 1, 2007, it was announced that Emirates Hotels & Resorts is investing $253 million in a project in the Seychelles.

The Emirates Cap Ternay Resort & Spa will be located on Mahe island. It will consist of a main and a private resort. The main resort will have 186 rooms and 230 semi-detached complexes, while the private resort will contain 15 water bungalows, 40 2-bedroom villas and a presidential suite. Also, there will be a Timeless Spa.

The resort is expected to open in 2010.

Emirates is also considering locations for similar hotel resorts in India, Sri Lanka and east Africa to build, expanding its network of destinations stretching from Sydney to New York.

Emirates Hotels & Resorts is the new premium hospitality division of the Emirates Group, the Dubai government-owned and Dubai-based group. Emirates Hotels & Resorts offers rich experience for world travellers. The company’s three key priorities are service, luxury and location.


Seychelles plans to save 50% of GDP

Posted in Business and Economy at 11:52 pm by Robert Klien

Seychelles road transport sector has indicated a goal of the national scale – to save 50% of the Gross Domestic Product (GDP) annually. This is the amount usually lost in road accidents.

To save the money, a series of measures are planned to be taken. These were outlined during a conference held on April 23 at the National Theatre, when Gerard Lafortune, the principal secretary for Tourism and Transport, launched the Road Safety Week (April 23-29) in the presence of Joseph Belmont, Vice-President. The conference was visited by partners that will work on reducing road traffic accidents, including members of the National Road Safety Committee, who stem from the Ministry of Health, Seychelles Police, Land Transport Division, Seychelles Red Cross Ministry of Education, etc. Road Safety Week 2007 was focused on youths as they used to be the main victims of road accidents.

Mr Lafortune discussed the challenge of doubling Seychelles’ GDP in 10 years by decreasing road accident fatality rate twice by 2017. He emphasized the necessity to work out a strategy to achieve this national aim and to get the fullest support from the government.

According to Lafortune, in 2006, 12 people died in road accidents in Seychelles, which was 14 deaths per 100 000 population, while the countries with the safest roads have about 5 deaths per 100 000 population per annum.