March 3, 2011 -- President James Michel met with the Vice President of the European Investment Bank (EIB), Plutarchos Sakellaris, at State House this morning. 

The meeting took place ahead of the signature of agreements between European Investment Bank and the Seychelles Government for a development grant for the internet submarine cable project as well technical assistance for a future water investment project.

"We appreciate the effort of the EIB in helping us to develop. Seychelles is contributing to the stability and the security of the region, and we thank you for the landmark gesture of cooperation to ensure that Seychelles stays well on the path of progress," said President Michel during the meeting.

Vice-President Plutarchos Sakellaris said that the EIB was pleased to support Seychelles in its internet cable project and noted that it would reduce the cost of internet for Seychellois by one seventh of the cost today. Mr. Sakellaris also noted the special challenges islands are faced with in the context of climate change, and that the EIB would support Seychelles in project which addresses this challenge.

President Michel spoke of the need to increase the water storage capacity of the country, particularly in view of the recent drought the country experienced. 

The President also said that the cooperation between the European Union and Seychelles was increasing and that this would boost the economy.

"We appreciate the European Union's support. The EU is our valued partner," said President Michel.

Editors Note

- The EU is one of Seychelles' most important trading partners.

- 20% of tuna on the European market is imported from Seychelles.

- France is the most important market for tourism visitors to Seychelles, followed by Italy, Germany, and the UK.

- The EU Naval Forces and Seychelles Coast Guard are coordinating anti-piracy operations in the Seychelles Exclusive Economic Zone since 2009.