Land reclamation generates $39 million, and jobs
22 November 2010 |
November 22, 2010 -- Government spent 7 million dollars to reclaim Eden Island but has made $39 million and gained many other benefits such as jobs, from the spending.
At a financial signing ceremony on 18th November Vice-President Danny Faure gave statistics to show that the development to show that the development has brought in $112 as foreign direct investment (FDI), given 450 Seychellois permanent jobs and boosted growth by 2.35% of the GDP between 2005 and 2009, during which time 320 housing units were built and sold.
VP Faure was witnessing the signing of an agreement for a $10 million loan between the Eden Island developers and the Eastern and Southern African Trader and Development Bank - PTA Bank. The Eden Island company will build another 240 housing units. This will earn the government an extra $54 million, generate another 600 jobs, bring in $147 million as FDI and boost the economy by 2% of GDP between now and 2013.
"It is important to see how the investment benefits Seychelles," VP Faure said of the reclamation of the island which is now developing into a up-market residential marina complex.