Kuwait Fund delegation finalises $10m loan for education projects |04 June 2014

A three-man delegation from the Kuwait Fund is in the country to carry out an extensive evaluation of two educational projects it is funding and to finalise details of a soft loan of US $10 million for the purpose.

The two projects involve the construction of a new La Rosière School and the Seychelles Agricultural Horticultural Training Centre (SAHTC).

Led by economic advisor Tareq Y. Al-Menayes, the delegation yesterday afternoon called on Vice-President Danny Faure at State House where among various issues they learned more about the country’s plans for development in the education sector.

They were accompanied by Finance, Trade and Investment Minister Pierre Laporte.

Earlier in the morning the delegation held talks with Education Minister Macsuzy Mondon.

“Our first impression is that the projects are very important to the education sector and we have agreed with the government to provide funds for the projects,” Mr Al- Manayes explained.

He noted that while the first disbursement of the loan is expected between September and October, work on the projects can start immediately as the loan’s agreement provides for all expenses incurred to be reimbursed.

The loan is to be repaid over 24 years at an interest rate of 2% after a grace period of four years.

Apart from visiting the two projects benefitting from the funding, the delegation also met key stakeholders of the projects namely the head teacher and director of the two institutions where they learned firsthand about their needs, hence the urgency of the projects.