Kuwait Fund provides $ 10 million for two educational projects in Seychelles
Finance |Author: John Lablache and Sharon Uranie | June 6, 2014, Friday @ 14:34| 4900 views
The three member delegation from the Kuwait Fund during their visit Tuesday to Vice president Danny Faure at State House (Jude Morel, Seychelles News Agency)
(Seychelles News Agency) - Seychelles is expecting the first disbursement of a $ 10 million loan from the Kuwait Fund for Arab Economic Development between September and October for two projects in the education sector.
This was confirmed by a three member delegation from the international financial institution towards the end of a two week visit in the Indian Ocean archipelago.
The $ 10 million loan will be used to fund the construction of the new La Rosiere School, a primary school on the periphery of the capital of Victoria.
The second project is a new Agricultural Training Centre to replace the present Seychelles Agricultural and Horticultural Training Centre at Anse La Mouche in the Southern part of the main Seychelles island of Mahé.
During their recent visit in Seychelles the Kuwait Fund delegation visited the actual sites for the two projects and discussed with the Seychelles Education Minister Macsuzy Mondon to see the needs of the educational establishments.
During discussions with the Seychelles Vice President Danny Faure at State House the day before they departed from the archipelago they explained that the financial assistance Kuwait Fund is providing to Seychelles is a soft loan carrying an interest rate of 2 percent, repayable over 24 years, after a four-year grace period.
The head of the three-member delegation, Tareq Y- Al Menayes, said the Kuwaiti Fund considers education and vocational training as priority areas and is very enthusiastic about the two projects.
“Our first impression is that the projects are very important to the Seychelles’ education sector and we have agreed to provide funds for the projects,” he told local journalists in a press interview after meeting Vice President Faure.
Al Menayes explained that work on the two projects can start immediately as the agreement for the loan provides for the reimbursement of all costs incurred.