China Eximbank provides RMB 8.3 million additional loan for Phase 1 of Les Mamelles Housing Project (Linked to Record ID#55557, #67500, #67498, #68960, #69021, #73589)

📋 Staff Comments

1. This project is also referred to as Additional Les Mamelles Housing Project or Re-development Les Mamelles Housing Project. The Chinese project title is 塞舌尔莱蒙斯住宅 or 莱蒙斯住宅二期 or 援塞舌尔莱蒙斯住宅（二期）项目.
2. The RMB 8,305,000 loan that China Eximbank issued in 2005 for Phase 1 of Les Mamelles Housing Project is not included in the database of Chinese loan commitments to African governments that SAIS-CARI released in 2020.
3. Phase 2 of the Les Mamelles Housing Project is captured in Project ID#73589 and Phase 3 of the Les Mamelles Housing Project is captured in Project ID#68960 and #69021.
4. In October 2008, the Government of Seychelles defaulted on a Eurobond interest payment. Facing an acute balance of payment crisis, the Government of Seychelles put in place a comprehensive debt restructuring program to reduce sovereign debt as a percentage of GDP to 50% by 2020. Part of this program involved an agreement in April 2009 with the Paris Club to restructure $160 million in bilateral debt. Paris Club creditors agreed to a nominal debt stock cancellation of 45%, with the remaining amounts rescheduled over 18-years, including a 5-year grace period. The restructuring agreement with the Paris Club also called upon the Government of Seychelles to restructure its outstanding obligations to other bilateral creditors and private creditors (who accounted for the majority of external debt). In April 2011, the Government of Seychelles entered into 3 loan restructuring agreements with China Eximbank. The Supplementary Agreement to the Loan Agreement can be accessed in its entirety via https://www.dropbox.com/s/btjbnpj08x1v0b9/2004%20Les%20Mamelles%20Rescheduling%20Agreement.pdf

📚 Sources & References

• 2014 The Export-Import Bank of China Restructuring Debt
• Ambassador Shi Zhongjun attended the foundation laying ceremony of the housing project in Seychelles
• Bargaining with Beijing: A Tale of Two Borrowers
• Bilateral Relations between China and Seychelles
• China and Cyprus sign a new Economic and Technical Agreement
• ChinaLoansToAfrica©SAIS-CARI.csv
• EXIM BANK OF CHINA DEBT STATUS AND RESTRUCTURING NEGOTIATIONS
• Les Mamelles Re-development Project -Eight families from Les Mamelles to receive keys to their new apartments
• Les Mamelles Re-development Project 16 Les Mamelles residents receive the keys to their new apartments
• Les Mamelles Re-development-Last phase of housing project inaugurated
• Ministers visit new housing site at Les Mamelles
• President Danny Faure visits Plaisance and Les Mamelles districts
• Proud Corgate Estate families receive keys to new houses
• RE: Request for List of Loans from Chinese Government Institutions to Seychelles
• The Supplemental Agreement A Of The Additional Loan To The Development Of Les Mamelles Housing Project Phase 1 Under The Chinese Concessional Loan
• 中国公司帮塞舌尔建房
• 中国对外开放30周年回顾展
• 中塞签订新的《经济技术协定》
• 驻外机构
• 驻外机构 中国沈阳国际经济技术合作有限公司 Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.