May 8, 2018
The European Investment Bank, the European Union and the Seychelles Ports Authority have signed agreements to finance the rehabilitation and expansion of the commercial part of the Port Victoria harbour. On the same occasion, the French development agency (AFD) also signed a memorandum pledging a loan in support of the project.
The port development 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 harbour and increasing overall port capacity.
The interventions will mean an increase in the port’s safety and environmental performance in the handling of goods, and overall improvement of the efficiency of port operations.
The agreements were signed during a public ceremony held in the presence of H.E. Danny Faure, President of the Republic of Seychelles. Other dignitaries included EIB Vice-President Ambroise Fayolle, The EU Ambassador to the Republic of Seychelles, H.E. Marjaana Sall and the French Ambassador to Seychelles, H.E. Lionel Majesté-Larrouy.
The Chairman of the Seychelles Ports Authority, Mr 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. The new Port Victoria will be the catalyst for greater efficiency, smoother flow of port activities, and more mass transportation which can contribute to a lower unit cost of transporting containers. This is expected to help bring down the cost of living in our country.”
The project, as well as the EUR 10 million programme that will be signed in support of the implementation of the Economic Partnership Agreement, are part of EU support for Seychelles’ ambitious integration agendas. These are aimed at helping boost investment in Seychelles, ensure that its exports are competitive, and facilitate access to the global market, thereby contributing to sustainable growth.