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Sustainable Development: EU and Seychelles sign a new financing agreement of 2.2 million euros

Sustainable Development: EU and Seychelles sign a new financing agreement of 2.2 million euros

05.02.2016

The Government of Seychelles receives 2.2. million euros from the European union in support of the implementation of its sustainable development agenda. These funds will support the Government in formulating new projects and attracting new financing for development. 

 “Seychelles is certain to use the funds wisely, where it would make the greatest impact. We would further like to reassure the EU that the Seychelles will do its utmost, with vigorous efforts, to tap into other facilities currently put in place such as the 11th EDF Regional Programmes, which Seychelles hope to benefit from immensely” stated Minister Morgan, Minister for Foreign Affairs and Transport.

The Minister also thanked the European Union and expressed that Seychelles looks forward to deepening its cooperation with the EU.

 H.E. Marjaana Sall, Ambassador of the European Union to the Republic of Seychelles said:

"The 11th EDF programme spells out our cooperation for the next five to six years, which will further cement the good relationship that exists between the European Union and the Government of Seychelles. Through these funds, the EU will help the Government of Seychelles' in developing new projects which can then be presented for funding either under EU regional programme, or for financing by EU or other financiers including via blending operations."

As Seychelles has now become a High Income Country, the partnership with the European Union will be on shared values and issues of mutual interest, such as Trade and Investment, Peace and Security, Climate Change, and Regional Economic Integration.

EU support to the Government of Seychelles under the 11th EDF programme (2014-2020) takes the form of a grant amounting to 2.2 million euros for a technical cooperation programme (TCF) designed to support the implementation of the Seychelles sustainable development agenda. This programme will provide targeted and focused expertise that will allow Government to gear up and have access to more innovative forms of financing for its development objectives. The EU funding could help the Government of Seychelles in attracting new investments supported by European financing institutions (including blending which is a mix of grants and loans), for infrastructure projects in support of the country's regional integration.

 

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