May 24, 2010 -- A new Pension Fund complex at Grand Anse, Praslin, will bring further development to the island's economy. This was said by President James Michel last Friday as he inaugurated the complex of offices, accommodation, commercial and cinema.

"The investment made by Pension Fund is very impressive," said the President.

He said the new complex -- which comprises office, accommodation and commercial facilities for rental and a modern cinema -- will bring further development to the island's economy by providing business and employment opportunities for the Praslin community.

"The investment made by Pension Fund is very impressive. It is not only a building for the Pension Fund, but our fund, the fund of the people of Seychelles. When the fund succeeds, the people also succeed through the fund. It is an investment that helps everybody," Mr Michel said.

He said over the last few years Praslin has witnessed a number of developments, among which development on the reclaimed Eve island, small hotels and with the new building more businesses will be able to take advantage of the commercial and entertainment facilities and bring about more economic activities on the island.

"The new cinema will give an opportunity to the Praslin community and people from La Digue to enjoy some entertainment in a new and modern facility," Mr Michel added.

Present at the official opening were chief justice Frederick Egonda-Ntende, members of the National Assembly for Baie Ste Anne and Grand Anse Praslin Mitcy Larue and Marc Volcère respectively, chairperson of the board of Trustees of the Seychelles Pension Fund Sitna Cesar, members of the board, chief executive of the Fund Willy Confait, staff and other guests.

The second phase of the Pension Fund Complex, adjacent to Phase 1, comprises a ground floor and one storey building totalling 2,026 square metres. Construction of the R45 million building started in April 2008.

The ground floor houses a post office, a magistrate court, a shopping centre, a meat shop and other shopping facilities while the first floor houses a modern cinema with a seating capacity of 144 persons managed by Deepam Cinema, the Seychelles Trading Company's duty free shop and two conference rooms, which will be rented to organisations wishing to organise training courses or conference.

In her opening remarks, Mrs Cesar said in 2006 Seychelles Pension Fund embarked on an ambitious investment programme as it identified that investment in property development continued to yield the highest return from 7% to 14%.

She said the Fund purchased or took leasehold titles on a number of properties for development to maximise its return and assist in the development of the country by providing much needed commercial spaces and office accommodation.

"Furthermore our programme revolves around the Fund's main objective - to yield maximum returns to strengthen the financial position of the funds in the medium and long term; to meet its benefit promises and pensioner's expectations," Mrs Cesar said.

Mrs Cesar said the tenancy rate is very promising as its occupancy is close to 100%. She noted that the completion of the project took longer than the time frame set due to the impact caused by the world financial crisis and the macro-economic reform that resulted in increase in the cost of investments in capital projects.

Mrs Cesar said the high standard facilities provided at the complex will positively benefit and move forward to more prosperity and success.

She also thanked all those who have given their best in the construction of this project and for making it their priority.

On behalf of the fund, Mr Confait extended his gratitude and thanks to the government of Seychelles, in particular to President Michel and the ministry of Finance for their support in the realisation of the project and their continuous support in respect of other investment projects which are essential for the financial security of the fund.

Pension Fund is expected to open a new building on La Digue which will also provide a good return of investment to sustain the pension fund to the benefit of its members.

Following the speeches, the building received blessings from Catholic priest Father Adrian and Anglican priest Father Guytan Volcère.

Then, President Michel and Mr Confait unveiled the commemorative plaque showing a photograph of Phase 1 and 2 of the complex. Mr Michel was presented with a miniature of the plaque by the Fund's managing director Marie-Ange Wayehive.

Then, guests had the opportunity to tour the building and later watch the first movie - Clash of the Titans - in the new Deepam Cinema Pradiso.