Mr Laporte (at podium) addressing delegates at the opening of the seminar yesterday. Dr Gondwe is on the right in photo on the left

Dr Michael Gondwe – president of the Eastern and Southern African Trade and Development Bank – was addressing members of the business community and Central Bank officials at the Seychelles Trading Company’s offices on Latanier Road.

“When I visited Seychelles not so long ago you were discussing far-reaching economic reforms to address challenges in the economy,” he said.

“It is now indeed heartening to see the measures that have been taken by the government of Seychelles, especially in the areas of foreign exchange liberalisation.

“These measures will no doubt go a long way in creating an enabling environment for business to prosper.”

The meeting was organised for local firms to see how the bank – also known as the PTA Bank – can support them.

He said the bank’s vision is to be the preferred financial development institution in the region, but without doing what local banks can do.

“Our mission is to be at the forefront of providing development capital in the region, through customer-focused and innovative financing instruments backed by competitively priced funds,” he said.

He said the bank hopes to identify viable businesses it can finance, adding that the potential here is high. He expects interest rates offered to be lower than those generally available.

Dr Gondwe said the bank is already financing developments in the petroleum sector and hospitality industry here and would like to give support in other areas. He said since it was established in 1985, it has given out US $5.6 billion in loans.

“We cover all main sectors including tourism, manufacturing, services, telecommunication, real estate, infrastructure and so on,” he said.

He said the bank also gives lines of credit to national financial institutions and commercial banks.

Officers from the PTA Bank gave presentations on how the bank operates and later talked to interested people on a one-on-one basis.

Central Bank governor Pierre Laporte spoke on behalf of the Minister for Investment, Natural Resources and Industry Peter Sinon, who was committed elsewhere.

He said he recognised the contribution the PTA Bank has already made to Seychelles’ economy.

“I really hope the bank will continue to stand by Seychelles,” he said, urging the Seychelles Chamber of Commerce and Industry, which was represented at the meeting, to advise its members on what the bank can offer.