Kuwait hopes to advance investment relationships with Seychelles, new ambassador says
Kuwait is looking to further relationships with Seychelles in the area of investment, said the newly accredited ambassador.
Mubarak Mohammad Alsehaijan spoke after presenting his credentials to the Seychelles’ President Danny Faure at State House on Tuesday.
“It was a successful discussion. I hope the discussion will enhance this relationship especially in investment,” said Mohammad Alsehaijan.
The new ambassador will also meet with local authorities and various ministries to discuss pertinent issues in investment.
The Kuwaiti Ambassador also talked about different agreements that could be signed between both countries.
“There are certain agreements that we also need to have further discussion on that will further build our relationship,” said Mohammad Alsehaijan.
Diplomatic relations between Kuwait and Seychelles, a group of 115 islands in the western Indian Ocean, have been established for over 35 years.
Seychelles has received assistance from the Middle Eastern country through the Kuwait Fund for Arab Economic Development, which provides funds with an aim to help developing countries to finance its development projects.
Seychelles and the international institution established ties in 1985 with the institution financing fishery and sewage projects. The Kuwait Fund has provided financial assistance worth $12 million for infrastructure projects since that time and grants worth $1.5 million.
In November 2014, Seychelles benefited from a loan equivalent to $8.5 million for two projects under the Kuwait Fund. The loan is carrying an interest rate of 2 percent, repayable over 24 years, after a four-year grace period.
The first project was the construction of the La Rosiere School, a primary school in the capital Victoria.
Source: Seychelles News Agency