Saudi Fund for Development signs two development loan agreements to enhance social infrastructure in Seychelles

Victoria, Seychelles – Tuesday, 03. October 2023

SFD CEO, H.E. Sultan Al-Marshad, signed two new development loan agreements with the Minister of Finance, National Planning and Trade of the Republic of Seychelles, Hon. Naadir Hassan (Photo: AETOSWire)

The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad, signed two new development loan agreements with the Minister of Finance, National Planning and Trade of the Republic of Seychelles, Hon. Naadir Hassan, through which SFD is contributing $25 million to fund the “Social Housing Project” and the “Reconstruction of La Digue School Project”.

Attending the signing ceremony were the Minister of Education of Seychelles, Hon. Justin Valentin and the CEO of the Seychelles Infrastructure Agency, Mr. Jitesh Sha, alongside other officials from each side.

The first development loan agreement, worth $15 million USD to fund the “Social Housing Project”, will provide affordable housing units for low-income families in various regions of the country. The project will also include public facilities and services, rainwater drainage, and sewage works.

The second development loan agreement, worth $10 million USD, to fund the “Reconstruction of La Digue School Project”, will provide a modern educational environment by adding new facilities and reconstructing existing buildings. The new external facilities will include a multi-purpose playground, an open-air amphitheater, bicycle parking areas, and sewage works.

These projects align with the UN Sustainable Development Goals (SDGs), specifically SDG 4, Quality Education, SDG 10, Reduced Inequalities, and SDG 11, Sustainable Cities and Communities.

On this occasion, the Minister of Finance, National Planning and Trade of the Republic of Seychelles, Hon. Naadir Hassan, stated: “The government of Seychelles is grateful to the Saudi Fund for Development for the continued support. These two new loan agreements are proof that the government, with the support of the Fund, is investing in its people. Investing in our people is investing in their future and the future of our country.”

On his part, the CEO of the SFD, H.E Sultan Al-Marshad, said: “Access to quality education and housing are basic human needs that are necessary for a decent, fulfilling life. The SFD is proud to be a partner in the development of Seychelles, and we hope that these latest projects will make a significant contribution to improving the lives of many in the country.”

The SFD is committed to supporting sustainable development in the developing countries and Small Island Developing States (SIDS) worldwide.