Meeting with African Development Bank
A number of countries want to know more about the success of our economic reforms and how we managed to negotiate with financiers to adjust our debt repayment.
Executive director Peter Sinon of the African Development Bank (AfDB) said this in an interview with Nation after meeting Finance Minister Danny Faure and Central Bank governor Pierre Laporte at Liberty House yesterday.
He said some countries that are going through similar problems want to know the approach we used “and are willing to learn from us”.
Mr Sinon said some of them have asked Mr Faure to attend a conference due to take place soon to explain how we were able, for example, to negotiate and get the AfDB to support us.
Mr Sinon said he met Mr Faure to talk about the general preparations for the AfDB’s annual general meeting due to take place in May in Ivory Coast, at which the bank will elect its next president, decide whether it will increase its capital and negotiate with North African donors regarding the African Development Fund.
“Less fortunate countries have access to money from this fund and pay it back over a long period of time,” he said.
“So the main aim of our meeting today was to brief the minister about this meeting and also about other cooperation between the bank and Seychelles.”
As Seychelles has Mr Sinon as an executive director, the country’s finance minister automatically becomes a member of the committee that prepares the agenda for the meeting.
“There are 18 executive directors and I am one of them,” said Mr Sinon, adding that 18 finance ministers will prepare the meeting, including Minister Faure.
“They will see all documents and recommendations to go before the 77 ministers for approval.
“The bank has 77 shareholders, 53 of them African and 24 non-African. Seychelles will have the opportunity to bring forward certain issues that concern us, such as climate change and other issues relevant to small island states.”