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Australian grant for Seychelles: development bank



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MINISTER FOR

FOREIGN AFFAIRS

NEWS RELEASE

M51 Date 10 May 1978 THE HON. ANDREW PEACOCK M.P.

AUSTRALIAN GRANT FOR SEYCHELLES : DEVELOPMENT BANK

The Minister for Foreign Affairs, Mr Andrew Peacock, today announced that Australia would support the Seychelles Development Bank with a grant of $200,000.

The Seychelles Government established the Development Bank early this year as a concrete step to coordinate borrowing and lending funds to support projects directed towards the social and economic development of the country.

This is to be achieved by encouraging a greater degree of Seychellois participation in development and a more equitable distribution of the benefits of such development.

The gift will be disbursed over two years - one tranche of $100,000 will be made available in the current financial year, the second in the next financial year.