Seychelles signs two loan agreements with the Saudi Fund for Development   By Roland Duval   |30 September 2023

Minister Hassan and Mr Al-Marshad signing the agreements

Following a bilateral meeting, the Seychelles government has signed two loan agreements totalling to US $25 million with the Saudi Fund for Development (SFD) to finance social housing projects and the re-construction of the La Digue school.

Presently in the country, the high-level SFD delegation is being led by its chief executive Sultan Abdulrahman Al-Marshad who signed the agreement, together with Minister for Finance, National Planning and Trade, Naadir Hassan, during a ceremony yesterday at Liberty House, in the presence of Education Minister Justin Valentin, principal secretary for Housing, Jude Florentine, and officials of the SFD.

Out of the US $25 million, 10 million will go toward the re-construction of the La Digue school, while $15 million will be injected into social housing projects.

Following the signing, Minister Hassan noted that the funding is very significant since it will go towards two very important community projects.

He said the construction of 175 units will go a long way in assisting the government in dealing with the present high demand for housing in the country.

As for the re-construction of the La Digue school, Minister Hassan said the project will ensure that children from the island can study in a more comfortable, conducive and convenient environment.

“Investment in education is always investment in the future,” concluded Minister Hassan, who on behalf of the Seychelles government thanked the SFD for the assistance.

On behalf of the SFD, Mr Al-Marshad said they are proud to assist in realising the two projects with significant impact, which signifies the SFD’s commitment to promoting sustainable development across small island developing states, enhancing the living standards and continuity towards social economic growth.

He said access to quality education and housing are basic human needs that are necessary, and he is certain that the two projects will play a role in helping to enhance the lives of the people of Seychelles.

He added that the housing project will help to provide housing unit at low cost for low income earners, while contributing to social quality and help to improve the living standard of the people of Seychelles.

As for the re-construction of the La Digue school, he said it will provide a modern environment for education on the island, through new facilities.

Mr Al-Marshad said both projects support the Sustainable Development Goals (SDGs), especially SDG 4 (ensuring inclusive and equitable quality education and promote lifelong learning opportunities for all), SDG 10 (reduce inequality within and among countries), and SDG 11 (Sustainable cities and communities).

The SFD was set up as a governmental institution to provide support in the form of soft loans to finance development projects in developing countries.

As a member of the international development community, the SFD has been supporting least developed countries (LDCs) in overcoming the difficulties and challenges that they are facing by financing impactful and critical projects and programmes.

Such projects contribute to the economic and social growth in those countries and improve the standard of living for their people.

Photos by Joena Meme