Seychelles - Seychelles Cable Systems Company Ltd (SCS) – Corporate Loan (AFDB-P-SC-GB0-005)

Countries
  • Seychelles
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • African Development Bank (AFDB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Nov 21, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Seychelles Cable Systems Company Ltd
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Communications
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 7.17 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ AFDB website

Updated in EWS Sep 9, 2020

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank documents, the purpose of the project is to provide corporate loan for enhancement of internet reliance of the Country by constructing and operating the 2nd submarine cable.

This operation relates to Corporate Loan for the Seychelles Cable Systems Company Ltd (SCS). This project is a strategic intervention for the ongoing development of Seychelles. This is a Corporate loan to the Seychelles Cable Systems Company Limited (SCS) for the construction and operation of a Second Seychelles Submarine Cable (SSC-II) to connect the Pakistan East Africa Cable Express (PEACE) at Mombasa, Kenya to the Seychelles. The SSC-II, with a length of 1,800-km, will provide redundancy to the existing 1,930-km Seychelles East Africa System (SEAS) submarine cable that runs from Dar Es Salaam (Tanzania) to the Seychelles, and which was partly financed by the Bank. A redundant cable of a design capacity of 500Gbps is required, as in the event of a failure of the SEAS submarine cable which is the only international wideband connection in the country, satellite capacity is insufficient to provide sufficient bandwidth. The 1st submarine project- SEAS cable was funded by the Bank and EIB: in 2012 the Bank committed EUR 7.5m; EIB EUR 7.9m, which will be fully repaid by June 2022. The submarine cable from Seychelles to Dar Es Salaam (Tanzania) has a current capacity equipage of SEAS at 64 STM1 (10 Gigabit/sec). The original design capacity of SEAS (contractual design) is a total of 32 x 10Gbit/s, which was updated in January 2018 taking the capacity to 32 x 100Gbit/s STM1.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Seychelles Cable Systems Company Ltd Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

*Contact information not provided at the time of disclosure*

ACCOUNTABILITY MECHANISM OF AfDB

The Independent Review Mechanism (IRM), which is administered by the Compliance Review and Mediation Unit (CRMU), is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an African Development Bank (AfDB)-financed project. If you submit a complaint to the IRM, it may assist you by either seeking to address your problems by facilitating a dispute resolution dialogue between you and those implementing the project and/or investigating whether the AfDB complied with its policies to prevent environmental and social harms. You can submit a complaint electronically by emailing crmuinfo@afdb.org, b.kargougou@afdb.org, b.fall@afdb.org, and/or s.toure@afdb.org. You can learn more about the IRM and how to file a complaint at https://www.afdb.org/en/independent-review-mechanism/ 

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How it works