02.12.10
Posted in International relations, Seychelles offshore jurisdiction at 2:37 pm by Robert Klien
An information technology centre will be set up in Seychelles in 2011 in order to upgrade the skills of technicians. This news followed an agreement that was signed between Seychelles and India.
On February 11, 2010, Education Minister Bernard Shamlaye and Indian high commissioner Asit Kumar Nag signed the memorandum of understanding. The document was signed at the Ministry of Education’s conference room. At the signing, education principal secretary Jeanne Simeon, Seychelles Institute of Technology director Jean Rassool, representatives of the Information Communications Technology Department and other officials from the Ministry of Education were present.
Mr Shamlaye thanked Mr Nag for help in setting up this centre that is much-needed for Seychelles. Mr Nag said that the project is part of India’s ongoing cooperation to develop Seychelles’ human resources.
Mrs Simeon said that this joint venture between Seychelles and India followed President James Michel’s visit to India in August 2005.
The new centre will provide part-time training for technicians. Later, it will also provide training for IT teachers.
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01.29.10
Posted in International relations, Seychelles government at 8:28 pm by Robert Klien
On January 27, 2010, Seychelles and Oman signed an agreement to develop aquaculture and other fisheries activities here.
The document was signed by the new Omani ambassador, Sheikh Humaid bin Ali al Ma’ani, and Joel Morgan, Seychelles’ Minister for Environment, Natural Resources and Transport.
By signing the memorandum of understanding, Oman and Seychelles have agreed to support each other in fish processing and fishing techniques as well as to cooperate in training staff.
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12.26.09
Posted in International relations, Seychelles government at 8:02 pm by Robert Klien
On December 19, 2009, the Seychelles government said that a new USD 31 million loan from the International Monetary Fund (IMF) would support the 2nd wave of reforms on the heavily indebted Indian Ocean archipelago.
IMF approved the loan and cancelled an existing 2-year standby arrangement (SBA) for USD 26 million which had a year outstanding.
According to Finance Minister Danny Faure, the new Extended Fund Facility (EFF) would kick in immediately. He said: “The EFF will bring funds of $31 million to support our medium term reform strategy which is looking at debt restructuring, public sector reform and preserving the macroeconomic stabilisation”.
The Indian Ocean archipelago launched an exchange offer on the USD 230 million bond and 3 other debt instruments aimed to help place it on a more sustainable footing.
It should not be neglected that the impact of the global crisis and decades of unsustainable spending had left Seychelles close to collapse. It is expected that in 2009 the tourism-driven economy will contract by 7.5% before re-bounding to 4% in 2010.
According to Central Bank Governor Pierre Laporte, disciplined monetary policy and aggressive cuts in government spending had stabilised the economy faster than had been predicted.
It should be noted that Seychelles’ external debt topped USD 800 million at the beginning of 2009.
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12.22.09
Posted in International relations, Seychelles government at 6:49 pm by Robert Klien
On December 22, 2009, it was announced that the Seychelles and the United Arab Emirates (UAE) signed an agreement for military cooperation.
The agreement was signed on December 21 by Seychelles’ Minister of Environment Joel Morgan and UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan.
Sheikh Abdullah welcomed the visiting Minister of Seychelles and expressed his praising of the progressive ties of friendship and cooperation between the countries.
The agreement provides for promotion and facilitation of military cooperation between the Seychelles and the United Arab Emirates in various fields.
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11.29.09
Posted in International relations, Seychelles government at 12:03 pm by Robert Klien
On November 25, Chinese ambassador Wang Weiguo and Seychellois Finance Minister Danny Faure signed an agreement for the equivalent of a USD 6 million grant.
This money will be used for financing a new Supreme Court building at Ile du Port that will be called the Palais de Justice.
The signing ceremony took place at Liberty House. Among thos who attended the ceremony were Justice Duraikannu Karunakaran – standing in for Chief Justice Frederick Egonda-Ntende – Supreme Court master and registrar Melchior Vidot, technical adviser in the Ministry of Foreign Affairs Jeanette D’Offay, director general in the ministry Conrad Mederic as well as top officials from the Embassy of Chinese.
The new building will be started in April. Its completion is to take 18 months. It will house 8 Supreme Court rooms and an extra one for the Court of Appeal, but not the Magistrates’ Courts, for which other arrangements will be made.
Faure expressed his gratitude to the government and people of China and noted that they have so far contributed to the education, health and housing sectors. Also, he said that the Chinese government is funding the new National Assembly building.
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11.25.09
Posted in Diplomatic missions, International relations at 3:19 pm by Robert Klien
A team from the African Development Bank (AfDB) has recently ended a 2-day visit to Seychelles. The visit was aimed at discussing new bonds to be issued.
Advance talks have been held by the mission with the authorities. The talks regarded request for a partial guarantee to be attached to the new bonds. These will result from Seychelles’ forthcoming external debt exchange offer. As part of this offer, holders of eligible claims will be invited to tender their instruments for new bonds – these are holders who will include the 9.125% Eurobond due in 2011.
The AfDB is expected to complete its review of the partial guarantee proposal in the next few weeks. The government intends to launch the exchange offer shortly.
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11.22.09
Posted in Business and Economy, International relations at 12:47 pm by Robert Klien
On November 18, President James Michel held bilateral talks with the Lebanese President, General Michel Sleiman.
During this working visit to Beirut. the President aimed at strengthening cooperation and bilateral relations with Lebanon. Also, he intended to exchange ideas on economic development and investment opportunities.
Michel said that Seychelles and Lebanon have much in common in the way they manage economies, environment and tourism marketing. Both jurisdictions have strong tourism industries, and exchanging knowledge and information in this field could be useful for both countries.
The presidents discussed the piracy in the western Indian Ocean and touched upon the issue of the way the global economic crisis influences the tourism industries of both countries.
Michel spoke of the Seychelles’ success in its economic reform programme as well as stressed its achievements in environmental sustainability.
According to General Sleiman, following a slowdown in Lebanon’s economy, it is starting to experience growth in many fields.
The presidents exchanged opinions on this week’s Lebanon 2020 National Summit where Michel was to be a keynote address.
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11.19.09
Posted in Business and Economy, International relations at 11:49 am by Robert Klien
The World Bank Board of Executive Directors has endorsed the Interim Strategy Note (ISN) for re-engagement with Seychelles and has approved a Development Policy Loan (DPL) of EUR 6.5 million to the jurisdiction.
After 17 years, the Interim Strategy Note is the 1st for Seychelles and lays out a 2-year Bank re-engagement strategy for the country.
The DPL that was approved by the Board will assist the country in implementing the economic reform programme.
It is an International Bank for Reconstruction and Development (IBRD) fixed spread facility with a 25.5 years maturity.
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11.16.09
Posted in Business and Economy, International relations at 11:49 am by Robert Klien
A delegation left Seychelles in order to take part in the World Travel Market (WTM). The event was held in London on November 9-12.
The delegation was led by Vice-President Joseph Belmont and Seychelles’ director for tourism marketing Alain St Ange. Seychelles’ presence at the trade fair was significant as it was a message to the world that Seychelles is back in the United Kingdom.
The Seychelles Tourism Board (STB) is reopening an office in London after it was closed in 2008. The market has suffered, so the delegation was working hard during the 4 days at the WTM in order to address the lower-than-expected visitor arrival figures from the United Kingdom. Today, visitor arrivals from the United Kingdom stand at 18% below the 2008 figure.
Also, Mr Belmont and Mr St Ange met the British media and answered their questions.
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11.13.09
Posted in Diplomatic missions, International relations at 11:41 am by Robert Klien
At the end of October, Chinese Minister for Culture Cai Wu was on a 3-day official visit to Seychelles. During this visit, he held talks with President James Michel and Minister Vincent Meriton.
Mr Cai was leading a delegation at the invitation of his Seychellois counterpart Mr Meriton. This visit formed part of the Chinese Culture in Focus 2009 programme from April until the end of October. The programme was aimed to promote cultural exchanges between China and African countries.
The Chinese team had a chance to discuss and share views on further improving cultural exchanges and cooperation with their Seychellois counterparts.
It should be mentioned that diplomatic relations between Seychelles and China were opened many years ago, and since that cultural ties have been substantially developing. In 1983, the 2 countries signed an agreement of cultural cooperation. Mr Cai noted that recent visits by President James Michel to China and President Hu Jintao to Seychelles have further strengthened bilateral relations between the countries and boosted cultural cooperation.
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