The Chinese government has written off a loan to Seychelles worth 37,816,400 renminbi — or $5.5 million — after an agreement aimed at supporting Seychelles’ economy and reducing its debt load was signed this week.

Ambassador Yu Jinsong, representing the Republic of China, and Maurice Loustau-Lalanne minister for Finance, Trade, Investment and Economic Planning, formalised the agreement at a signing at the ministry’s headquarters at Liberty House in the capital city of Victoria.

According to a press communique from the ministry, the loans from the Chinese government were for the provision of economic and technical cooperation.

Seychelles — a group of 115 islands in the western Indian Ocean — and China established diplomatic corporations in June 1976….
Source: Seychelles News Agency