07.09.10
Seychelles’ President holds talks with Indian Minister
On July 6, Seychelles’ President James Michel met Indian External Affairs Minister S.M. Krishna in order to hold talks on bilateral cooperation over security and economic development.
After the meeting that was held during Mr Krishna’s 1-day working visit to Seychelles, Mr Michel said that it was a good opportunity to discuss Seychelles’ and India’s shared security interests in the Indian Ocean, particularly the joint military efforts and cooperation in anti-piracy. Michel added that India had provided invaluable support in this spheres, and the two countries will co-operate to continue building a sound programme of collaboration.
Indian minister assured Seychelles’ president of India’s full support for the jurisdiction in the anti-piracy effort. Mr Krishna noted that further steps will be taken with a view to strengthen the partnership.
Mr Michel said that his successful state visit to India held in June had renewed the interest of Seychellois people in travelling to India and doing business there. The visit by Mr Krishna is an indication of the active partnership of the 2 countries.
After talks between Mr Michel and Prime Minister Manmohan Singh held in New Delhi during the visit in June, India pledged USD 5 million worth of defence aid to Seychelles for the anti-piracy effort.
It was announced by India that it would write off 45% of Seychelles’ debt owed to the Indian government as well as reschedule the rest over a 20-year period with the interest rates halved, which is part of the “Paris Club formula” approach. Also, the government of India will also write off a USD 1.375 million debt that Seychelles owes on a commercial loan with the Exim Bank (Export Import) of India.
India has pledged to the Development Bank of Seychelles a USD 10 million line of credit on concessionary terms. This was discussed during the 7th Indo-Seychelles Commission meeting that took place in May. It should be noted that a bilateral investment protection and promotion agreement was signed then.