Thursday, March 3, 2011

Seychelles Gains European Funding for First Optical Cable

The European Investment Bank has agreed to provide a EUR 8 million loan to the Seychelles Cable Systems Company (SCS) for the installation and operation of the first submarine fibre optic cable for international connections to the Seychelles. The EUR 27 million overall project cost will be financed through 40% equity and 60% debt. Long-term debt will be co-financed equally by the European Investment Bank and African Development Bank, and equity contributions split between three shareholders, the Government of the Seychelles, Cable and Wireless Seychelles and Airtel.

This will fund a 1,930km cable from the main island of Mahé to the existing Eastern Africa Submarine Cable System in Tanzania and is expected to be operational by the second half of 2012.


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