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You Are Here: Home » Africa » Seychelles Signs 45% Debt Reduction Agreement with Malaysian Bank

Seychelles Signs 45% Debt Reduction Agreement with Malaysian Bank

Posted on admin on October 12, 2009 // Leave Your Comment

125px-Flag_of_the_Seychelles.svg7Seychelles and Export-Import Bank of Malaysia have signed a debt reduction agreement in the Seychellois capital Victoria.

Finance Minister Danny Faure, who signed the agreement on behalf of the Seychelles government, said 45% of the nominal value of the total debt will be written off and the remaining principal will be rescheduled at an annual rate of 3% and will be repayable between 2014 and 2027.

The chief operating officer of the Export-Import Bank of Malaysia, Adissadikin Ali said his bank is pleased to support the Seychelles government by taking part in actions to alleviate the debt pressures on the country.

Source African Press Agency

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Tags: bank, Chief operating officer, Danny Faure, Debt, debt reduction, Export-Import Bank of Malaysia, Export-Import Bank of Malaysia Berhad, Finance Minister, Microstates, Outline of Seychelles, remaining principal, Seychelles, Seychelles government;, Seychellois capital Victoria

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