Funding Awarded for Port Victoria Expansion Project

  • Business & Finance

European Investment Bank (EIB), the European Union and the Seychelles Ports Authority have signed agreements related to the financing, the rehabilitation and expansion of the Port Victoria harbor.

On the same occasion, the French development agency (AFD) also signed a memorandum pledging a loan in support of the project.

The project entails the detailed design and construction of a new quay, offset from the existing quay, and demolition as necessary of the existing quay. The port’s yard area will be extended and dredging works will be carried out, allowing larger vessels into the harbor and increasing overall port capacity.

EIB Vice-President Ambroise Fayolle commented: “The EU bank is proud to lend its support to this project, which we expect to have a significant impact on the Seychelles’ economic competitiveness, employment creation and sustainable growth as well as supporting local trade and industry.”

The EU Ambassador to the Republic of Seychelles, H.E. Marjaana Sall, indicated that: ”The Port Victoria project is one of the first projects in the Indian Ocean region to be funded through the Africa Investment Facility, which is part of the European External Investment Plan.”

The French Ambassador to the Seychelles, H.E. Lionel Majesté-Larrouy, added: “This upgraded facility will generate new opportunities for regional cooperation. La Réunion, Mayotte and the Département des Terres Australes et Antarctiques Françaises, all European territories neighborliness the Seychelles, expect to develop regional routes in close collaboration with the Seychelles. ”

The Chairman of the Seychelles Ports Authority, Paul Hodoul, said: “I want to assure you that the proceeds of the loan that we have signed today will be well spent and I have no doubt that, upon its completion, the new Mahé Quay will be able to accommodate much larger vessels that are presently by-passing us because of our limitations, thus cutting the feeder status of Port Victoria.”

 

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