President James Michel visited two important development projects at Ile Perseverance and Providence this morning. He was accompanied by the Minister for Finance, Trade and Investment Pierre Laporte, as well as the Minister for Land Use and Housing, Christian Lionnet.

 

The President visited the site of a new condominium project on the north coast of Ile Perseverance, where 158 units will be built, which are targeted at young professionals and graduates. Construction work will start in October this year, and is expected to be completed by the end of 2015. A first phase is planned for allocation in the third quarter of 2014.

" Many young Seychellois professionals and returning graduates complain that they cannot find accommodation in Seychelles that they can afford, and also do not qualify for subsidized government housing allocations.... This project will alleviate the demand for housing for young professionals, where they will have the chance to buy their own home for the first time... we want them to stay and contribute to the development of the country, and we will have other projects to encourage them to do so, " said President Michel.

The condominium project will be open to young professionals who are first time buyers, who are either returning graduates, graduates of the University of Seychelles, as well as young professionals without a degree, who fall within the specified income category for the condominium project. This project is a public private partnership with developer Green Island Construction Company, whereby the developer will finance and build the project without the need for Government financing through the capital budget.

Following his visit to Ile Perseverance, President Michel visited Zone 18 of the Providence Industrial Estate, where the Government is planning to build a Microenterprise Centre, which will houses small business, restaurants, warehouses, car service centres, and specialized workshops.

" To develop the economy, you need small business in order to develop the spirit of entrepreneurship, which will grow and develop the economy... they need affordable spaces to develop their businesses, and this centre will allow them to do that.... There has been a lack of affordable work space as rental prices in the country are too high. This will address the situation, and provide small entrepreneurs a chance to flourish and to encourage them to take ownership of the economy," said Mr. Michel.

Construction of the Government-funded 3,500 square-metre Microenterprise Centre will start soon, and it is expected to be completed by 18th June 2014.

" It will be another milestone of the Government's effort to empower Seychellois entrepreneurs and small businesses to develop their potential and to create wealth for our country," said the President.

To note, President Michel pledged to empower small and medium enterprises during his National Day Address this year.

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