PTA Bank funds last phase of Eden Island project |21 March 2013

An accord was signed this week between the Eden Island Development Company Seychelles Limited (EIDC) and the Eastern and Southern African Trade and Development Bank (PTA Bank) that will be providing the new funds.

Signing the agreement were president and chief executive of PTA Bank Adamassu Tadesse and chairman of EIDC Craig Heeger at the Eden Island.

In a joint press release, Messrs Tadesse and Heeger said they are building on the sound working relationship established between the two organisations over the past few years, during which PTA Bank had provided funding to EIDC for the earlier phases.

The press release added that both parties were pleased to have been able to reach agreement on new funding for the final phases of the Eden Island development.

Mr Heeger said it made sound business sense for EIDC not to interrupt the momentum already created in its construction programme of the next phases of the development.
“This would ensure that EIDC would be able to meet the continued positive demand for new homes on Eden Island and support employment generation,” he said.

Mr Heeger added that the EIDC will extend its role to provide more affordable housing to Seychellois, in particular the youth of the country.

He said in the first two months of this year, 10 sales totalling just under US $13m had been achieved and it was important that the construction programme be maintained.
The new funding facility agreed by the PTA Bank provided that important platform to achieve this.

Mr Heeger expressed his gratitude to Mr Tadesse and his management team for their ongoing belief in the project and for the excellent relationship that has been established between the two parties over the past few years.

He also thanked Ahmed Saeed and the Nouvobanq team, who as joint financiers and commercial banker to the project, played and continue to play a very crucial supportive role in the ongoing success of the project.

The Eden Island project had by the end of 2012 contributed audited revenues in excess of US $75m to the Seychelles government.
Mr Tadesse re-affirmed PTA Bank’s ongoing commitment to the success of the project and had words of encouragement to the EIDC team.

He added he was pleased that the bank has been able to play an important role in funding the project that has been having positive impact on the creation of new jobs for Seychellois and new business opportunities across Seychelles.

The project is expected to be completed in the year 2015.