WASHINGTON, November 5, 2009 - The World Bank’s Board of Executive Directors today approved the following projects: IBRD Loan: €6.4 million (US$9.0 million equivalent) Terms: Maturity = 25.5 years; Grace Period = 10 years Project ID: P114822 Project Description: The Development Policy Loan for the Republic of Seychelles aims to help create a more stable macroeconomic environment through fiscal adjustment underpinned by public administration and civil service reforms which are expected to contribute to the efficiency and equity of public spending. The operation also aims for improving Seychelles’ social safety net and expansion of the private sector. By providing foreign exchange in a timely manner, the operation will directly contribute to stabilization of the economy during a period of global slowdown and will add credibility to the reform process. Media Contact Francois Gouahinga 202-473-0696 fgouahinga@worldbank.org For more information on the Bank’s work in Seychelles please visit: http://www.worldbank.org/seychelles |
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