December 7 explosion |13 December 2023

The meeting with the banking ….

Finance meets insurance and banking sectors to discuss way forward

In line with government’s objective to assist businesses affected by the explosion at the CCCL quarry on December 7, the Minister for Finance, National Planning and Trade, Naadir Hassan, and the technical staff of the ministry met with representatives of the banking sector yesterday afternoon.

The meeting was also co-chaired by the Minister for Investment, Entrepreneurship and Industry, Devika Vidot.

Also in attendance was the regulator of the banking sector, the Central Bank of Seychelles.

Minister Hassan stated that the objective of government is to see the resumption of economic activity in the affected areas as soon as possible. Hence, it is exploring the possibility of what type of financial assistance businesses required.

The banks informed that they are willing to work with government to formulate facilities to support businesses. It was agreed that government would formulate policy options to make it more feasible for businesses to access funding for repairs and working capital in the short term.

The meeting revealed the need for more coordinated data collection and coordination in order to formulate more targeted solutions. In this regard, the Central Bank of Seychelles will provide its support to do this exercise.

Discussions with the business community will also continue to further understand their specific needs.

A representative of the banking sector said “we are already exploring ways to assist our affected clients, working on tailor made solutions to suit their individual needs. We will continue to work with the government to keep charting a way forward that is mutually beneficial”.

Government remains committed to providing targeted support to businesses affected in the area and will provide more information once it finalises its assistance package.

In the same vein, the ministers also met with the insurance sector to discuss the options available to the affected businesses. The regulator of the insurance sector, the Financial Services Authority, was also present to extend its support and propose intervention measures where required.

The meeting also transpired to have coordinated data collection and coordination in order to streamline and speed up processes for claims. This will help in providing swift assistance to the clients that have been affected.

“We are urging for a close collaboration with the government, and we are happy to know that our regulator, Financial Services Authority, will act as liaison between ourselves and the government. We also urge our clients to ensure all their paper works are in order to facilitate payment of claims and to liaise with their respective insurers given the specificities of their coverage. This is an extraordinary situation, we urge patience and understanding, given the amount of claims we are dealing with and collaboration with all partners, such as the police.”

Minister Hassan said the objective of the meetings was to “understand the landscape and identify potential gaps, where the government can assist”.

The government remains committed to providing assistance, where possible, to address potential gaps inhibiting businesses and individuals to access the necessary support.”

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