USAID. BUR. FOR AFRICA. REGIONAL ECONOMIC DEVELOPMENT SERVICES OFC. (REDSO) EAST AFRICA
Seychelles : commodity financing standard procedure
FY88 Commodity Import Program (CIP) provides $2.8 million in Economic Support Fund (ESF) monies to the Government of the Seychelles (GOS) to purchase and transport medium fuel oil and diesel oil for the generation of electricity and other domestic requirements.
1988
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Abstract
The project is expected to finance 100% of the fuel requirements of the Public Utilities Corporation"s Electricity Division for FY88. Based upon information provided by the Seychelles Petroleum Corporation (SEPEC), program-financed commodities will represent approximately 50% of the total medium fuel oil and 14.5% of all the diesel fuel requirements of the country. In addition, the CIP represents a significant infusion of foreign exchange (20% of the average 1987 level of GOS foreign reserves); the estimated local currency equivalent of SR 15 million which will be generated by the CIP represents over 7% of the total projected GOS capital expenditure for FY88 and will be used to finance agreed upon economic development activities in the Seychelles.
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