The African Development Bank (AfDB) has approved a US$12m senior private sector loan to finance the submarine fibre optic network Seychelles East Africa System (SEAS).
The 1,930-kilometer cable project will link the main island of Mahe to the existing…
The African Development Bank (AfDB) has approved a US$12m senior private sector loan to finance the submarine fibre optic network Seychelles East Africa System (SEAS).
The 1,930-kilometer cable project will link the main island of Mahe to the existing submarine cable EASSy in Tanzania.
From Tanzania, Seychelles telecom operators will have access to international connectivity. The network is expected to be operational in H2 2012.
The project, which is worth E27m in total, will be financed through 40% equity and 60% debt. Long-term debt will be financed by the EIB and the AfDB, while the equity will be split between the Government of the Seychelles, Cable and Wireless Seychelles and Airtel. In March, the EIB provided a E8m loan.
In a release the AfDB said: “Other telecommunications operators will benefit from the cable’s virtually unlimited capacity which can be leased at lower cost compared to satellite connections. The availability of high quality ICT services will also have considerable impact on other sectors. It will promote modernization in health, industry, education, and business infrastructure.”
