Chinese Government provides SCR 18.8 million grant for Phase 2 of the Corgate Housing Project (Linked to Record ID#55616, ID#2018, ID#55785, and ID#73584)

On March 23, 2011, the Chinese Government and the Government of Seychelles signed an Economic and Technical Cooperation Agreement (ETCA), which committed RMB 50 million of grant funding for multiple projects (see Record ID#2018). Some of the proceeds from this ETCA were earmarked for Phase 2 of Corgate Housing Project.

Then, on March 15, 2012, the Chinese Government and the Government of Seychelles signed an Economic and Technical Cooperation Agreement (ETCA), which committed RMB 40 million of grant funding for multiple projects (see Record ID#55785). Some of the proceeds from this ETCA were also earmarked for Phase 2 of the Corgate Housing Project.

China’s Ministry of Commerce (MOFCOM) was the source of funding and it committed approximately SCR 18.8 million in total. 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.