Foreign Affairs Minister Jean-Paul Adam and US charge d’affaires Troy Fitrell on Friday signed an agreement aimed at helping US firms invest here.

Mr Adam signed on behalf of the Seychelles government while Mr Fitrell signed for the Overseas Private Investment Corporation (Opic), the US government’s development finance institution.

Opic mobilises private capital to help solve critical world challenges as part of the US’ foreign policy. It works with the US private sector helping US firms gain footholds in emerging markets by boosting availability of funds, jobs and growth opportunities both at home and abroad.

Opic gives money, guarantees and political risk insurance to investors, and support for private equity investment funds.

Mr Adam said the signing showed the confidence that the US has in Seychelles’ economy and government, adding the agreement will help US firms’ investment in Seychelles.

“We are very proud to sign this agreement because the US is the world’s largest economy. We are very pleased as a small developing island state to enter into this partnership which will allow us to develop side by side in a sustainable way.”

Mr Adam said Seychelles’ recent economic reforms have had a big positive change on the Seychelles economy and the agreement will help mobilise all the new opportunities that have come up.
Mr Fitrell said:

“We have a great number of cooperative ventures in many fields but we are now extending that into new realms.” 
He said the support that will be given through the agreement will help investors move into new areas by giving money for the kind of investments that may be difficult to venture in.

“It is focused particularly on helping investors move into new areas. This is more than just a commercial venture and more than just a commercial arrangement. It is a signal and a sign of the growing relations between the US and Seychelles,” he said.

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