61-644: Fitch : BBB /F3 (Stable) African Export–Import Bank , also referred to as Afreximbank or Banque Africaine d’Import-Export , is a pan-African supranational multilateral financial institution created in 1993 under the auspices of the African Development Bank . It was officially launched at the first general meeting of the shareholders in Abuja , Nigeria , in October 1993. It is headquartered in Cairo , Egypt . Afreximbank
122-570: A crown colony separate from Mauritius in 1903. Elections in Seychelles were held in 1966 and 1970. In 1976, Seychelles gained independence from the United Kingdom as a republic. It has since become a member of the Commonwealth . In the 1970s Seychelles was "the place to be seen, a playground for film stars and the international jet set". In 1977, a coup d'état by France Albert René ousted
183-549: A $ 150 million syndicated loan to the Cocoa Board of Ghana, to which it contributed $ 6.5 million. Since its creation in 1993, Afreximbank has championed the process of economic integration in Africa by directly financing the growth of intra-African trade, investing in trade facilitation, expanding trade-enabling infrastructure, and developing technological ecosystems to vault decades-old barriers to intra-African trade and investments. At
244-545: A Presidential Protection Unit. India has played and continues to play a key role in developing the military of Seychelles. After handing over two SDB Mk5 patrol vessels built by GRSE , the INS Tarasa and INS Tarmugli , to the Seychelles Coast Guard , which were subsequently renamed PS Constant and PS Topaz , India also gifted a Dornier 228 aircraft built by Hindustan Aeronautics Limited . India also signed
305-404: A collaborative CDD/KYC information repository platform with a special emphasis on African financial institutions and corporate to enable global institutions, partners and counter-parties to access African entities’ CDD profiles and information as well as leverage the platform to conduct customer due diligence on African entities; financial institutions, corporate and SME. Afreximbank partnered with
366-561: A conference at the United Nations Conference on Sustainable Development in Rio de Janeiro , a commitment was made by the Seychelles government to protect 30% of its 1.35 million square kilometre marine waters within the country's marine protected areas. In January 2013, Seychelles declared a state of emergency when the tropical cyclone Felleng caused torrential rain, and flooding and landslides destroyed hundreds of houses. Following
427-593: A pact to develop Assumption Island . Spread over 11 km (4 sq mi), it is strategically located in the Indian Ocean , north of Madagascar . The island is being leased for the development of strategic assets by India. In 2018, Seychelles signed the UN treaty on the Prohibition of Nuclear Weapons . In 2014, Seychelles had the highest incarceration rate in the world of 799 prisoners per 100,000 population, exceeding
488-609: A team of 43 South African mercenaries masquerading as holidaying rugby players in the 1981 Seychelles coup d'état attempt . There was a gun battle at the airport, and most of the mercenaries later escaped in a hijacked Air India plane. The leader of this hijacking was German mercenary D. Clodo, a former member of the Rhodesian SAS . Clodo later stood trial in South Africa (where he was acquitted) as well as in his home country Germany for air piracy. In 1986, an attempted coup led by
549-945: A total area of 244 km (94 sq mi), accounting for 54% of the total land area of the Seychelles and 98% of the entire population. The islands have been divided into groups. There are 42 granitic islands known as the Granitic Seychelles . These are in descending order of size: Mahé , Praslin , Silhouette , La Digue , Curieuse , Félicité , Frégate , Ste. Anne , North , Cerf , Marianne , Grand Sœur , Thérèse , Aride , Conception , Petite Sœur , Cousin , Cousine , Long , Récif , Round (Praslin) , Anonyme , Mamelles , Moyenne , Ile aux Vaches Marines , L'Islette , Beacon (Ile Sèche) , Cachée , Cocos , Round (Mahé) , L'Ilot Frégate, Booby, Chauve Souris (Mahé), Chauve Souris (Praslin), Ile La Fouche, Hodoul , L'Ilot, Rat, Souris, St. Pierre (Praslin), Zavé, Harrison Rocks (Grand Rocher). There are two coral sand cays north of
610-683: Is Afreximbank’s highest decision-making body. The General Meeting of shareholders, through the respective share classes, elects the members of the Bank’s Board of Directors and appoints the President of the Bank upon the recommendation of the Board of Directors. In line with the provisions of the Charter, the Board of Directors is responsible for the general conduct of the business of Afreximbank . The day-to-day business of
671-595: Is a financial provider to African governments and private businesses in support of inter-African and Caribbean trade. Its mission is: “To stimulate a consistent expansion, diversification, and development of African trade while operating as a first-class, profit-oriented, socially responsible financial institution and a center of excellence in African trade matters”. Afreximbank's mandate is to finance and promote intra- and extra-African trade using three broad services: Afreximbank has 50 African member countries. As of June 2020,
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#1732869508107732-643: Is a member of the United Nations , the African Union , the Southern African Development Community , and the Commonwealth of Nations . Seychelles was uninhabited until the 18th century when Europeans arrived with Indians, and enslaved Africans . It remained a British colony from 1814 until its independence in 1976. Seychelles has never been inhabited by indigenous people , but its islanders maintain their own Creole heritage . Seychelles
793-601: Is dual headquartered in New York and London . Hearst owns 100 percent of the company following its acquisition of an additional 20 percent for $ 2.8 billion on April 12, 2018. Hearst had owned 80 percent of the company after increasing its ownership stake by 30 percent on December 12, 2014, in a transaction valued at $ 1.965 billion. Hearst's previous equity interest was 80 percent following expansions on an original acquisition of 20 percent interest in 2006. Hearst had jointly owned Fitch with FIMALAC SA, which held 20 percent of
854-503: Is the highest trial court in Seychelles and the first court of appeal from all the lower courts and tribunals. The highest court of law in Seychelles is the Seychelles Court of Appeal, which is the court of final appeal in the country. Seychelles' long-term president France-Albert René came to power after his supporters overthrew the first president James Mancham on 5 June 1977 in a coup d'état and installed him as president. René
915-923: Is the third largest NRSRO rating agency, covering a more limited share of the market than S&P and Moody's, though it has grown with acquisitions and frequently positions itself as a "tie-breaker" when the other two agencies have ratings similar, but not equal, in scale. In September 2011, Fitch Group announced the sale of Algorithmics (risk analytics software) to IBM for $ 387 million. In June 2022, Fitch Group acquired GeoQuant , an AI -driven data and technology company. Fitch Ratings' long-term credit ratings are assigned on an alphabetic scale from 'AAA' to 'D', first introduced in 1924 and later adopted and licensed by S&P . Like S&P, Fitch also uses intermediate +/− modifiers for each category between AA and CCC (e.g., AA+, AA, AA−, A+, A, A−, BBB+, BBB, BBB−, etc.). Investment grade Non-investment grade Fitch's short-term ratings indicate
976-1780: The Farquhar Group , south-southwest of the Amirantes: Farquhar Atoll (comprising 10 islands—Bancs de Sable, Déposés, Île aux Goëlettes, Lapins, Île du Milieu, North Manaha, South Manaha, Middle Manaha, North Island and South Island), Providence Atoll (comprising two islands—Providence and Bancs Providence) and St Pierre. There are 67 raised coral islands in the Aldabra Group , west of the Farquhar Group: Aldabra Atoll (comprising 46 islands—Grande Terre, Picard, Polymnie, Malabar, Île Michel, Île Esprit, Île aux Moustiques, Ilot Parc, Ilot Émile, Ilot Yangue, Ilot Magnan, Île Lanier, Champignon des Os, Euphrate, Grand Mentor, Grand Ilot, Gros Ilot Gionnet, Gros Ilot Sésame, Héron Rock, Hide Island, Île aux Aigrettes, Île aux Cèdres, Îles Chalands, Île Fangame, Île Héron, Île Michel, Île Squacco, Île Sylvestre, Île Verte, Ilot Déder, Ilot du Sud, Ilot du Milieu, Ilot du Nord, Ilot Dubois, Ilot Macoa, Ilot Marquoix, Ilots Niçois, Ilot Salade, Middle Row Island, Noddy Rock, North Row Island, Petit Mentor, Petit Mentor Endans, Petits Ilots, Pink Rock and Table Ronde), Assumption Island , Astove and Cosmoledo Atoll (comprising 19 islands—Menai, Île du Nord (West North), Île Nord-Est (East North), Île du Trou, Goélettes, Grand Polyte, Petit Polyte, Grand Île (Wizard), Pagode, Île du Sud-Ouest (South), Île aux Moustiques, Île Baleine, Île aux Chauve-Souris, Île aux Macaques, Île aux Rats, Île du Nord-Ouest, Île Observation, Île Sud-Est and Ilot la Croix). In addition to these 155 islands, as per
1037-565: The French overseas departments of Mayotte and Réunion to the south; and the Chagos Archipelago to the east. Seychelles is the smallest country in Africa as well as the least populated sovereign African country , with an estimated population of 100,600 in 2022. Seychelles was uninhabited prior to being encountered by Europeans in the 16th century. It faced competing French and British interests until it came under full British control in
1098-647: The Republic of Seychelles (French: République des Seychelles ; Seychellois Creole : Repiblik Sesel ), is an island country and archipelagic state consisting of 155 islands (as per the Constitution) in the Indian Ocean. Its capital and largest city, Victoria , is 1,500 kilometres (800 nautical miles) east of mainland Africa . Nearby island countries and territories include the Comoros , Madagascar , Mauritius , and
1159-650: The Seychelles . This meeting was the first chaired by President Dr. Benedict Oramah . The 30th Annual General Meeting was held in Accra, Ghana, from June 18–21, 2023 In October 2019, Afreximbank postponed its planned IPO, valued at US$ 250 million at the London Stock Exchange , citing ‘unfavourable market conditions’. Afreximbank has partnered with the African Development Bank , African Central Banks , and other international and national strategic partners to launch MANSA,
1220-555: The Ukraine crisis , as well as support economic recovery across the continent. The Afreximbank charter was adopted in Abuja , Nigeria, in October 1993, and its provisions regulate the bank as a corporate body. Afreximbank works with African and non-African export credit agencies, development finance institutions, commercial banks, and other multilateral institutions to support trade finance activities in Africa. Afreximbank began with an authorised share capital of US$ 750 million in 1993, but
1281-667: The African Union to launch the Pan-African Payment and Settlement System , a real-time gross settlement system for cross-border payments in local currencies. Afreximbank provided an initial sum of US$ 100 million for FEDA’s full operationalization. Its headquarters is in Kigali , Rwanda . Afreximbank commenced the construction of its African Medical Centre of Excellence (AMCE) project in Abuja , Nigeria. It will provide excellent healthcare to both low and high-income patient groups across
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#17328695081071342-629: The Agreement, participating states grant to the Bank, in their territories, certain immunities, exemptions, privileges, and concessions to facilitate the Bank’s business in those territories. The Bank was subsequently launched in October 1993, when the first General Meeting of Shareholders took place in Abuja. Mr. Christopher Edordu was appointed the first President of the Bank. Afreximbank began operations in 1994 and concluded its first deal that year by participating in
1403-660: The Bank is delegated to the President who is also the Chairman of the Board of Directors. Under the Charter, the President is the chief executive and legal representative of the Bank. Professor Benedict Okechukwu Oramah, a Nigerian national, is the third President and Chairman of the Board of Directors of Afreximbank, having been appointed to that position at the Annual General Meeting of Shareholders held on 13 June 2015 ,for his first five-year term. He subsequently took his oath of office on 1 September 2015. On 13 June 2020, Oramah
1464-652: The Constitution for unknown reasons. Bancs Providence is not a single island, but a dynamic group of islands, comprising four large and about six very small islets in 2016. The climate is very humid, as the islands are small, and is classified by the Köppen-Geiger system as a tropical rain forest ( Af ). The temperature varies little throughout the year. Temperatures on Mahé vary from 24 to 30 °C (75 to 86 °F), and rainfall ranges from 2,900 mm (114 in) annually at Victoria to 3,600 mm (142 in) on
1525-491: The Constitution of Seychelles, there are 7 reclaimed islands: Ile Perseverance, Ile Aurore, Romainville , Eden Island , Eve, Ile du Port and Ile Soleil. South Island, African Banks has been eroded by the sea. At St Joseph Atoll, Banc de Sable and Pelican Island have also eroded, while Grand Carcassaye and Petit Carcassaye have merged to form one island. There are also several unnamed islands at Aldabra, St Joseph Atoll and Cosmoledo. Pti Astove, though named, failed to make it into
1586-578: The French administrator of Seychelles during the years of war with the United Kingdom, declined to resist when armed enemy warships arrived. Instead, he successfully negotiated the status of capitulation to Britain which gave the settlers a privileged position of neutrality. Britain eventually assumed full control upon the surrender of Mauritius in 1810, formalised in 1814 at the Treaty of Paris . Seychelles became
1647-607: The French ship Thélémaque under the command of Leblanc Lécore landed 28 people—15 white men and 13 enslaved men and women from Africa and India—on Ste. Anne Island . The British frigate Orpheus commanded by Captain Henry Newcome arrived at Mahé on 16 May 1794, during the War of the First Coalition . Terms of capitulation were drawn up and on the next day, Seychelles was surrendered to the United Kingdom. Jean Baptiste Quéau de Quincy,
1708-719: The Obama administration, the US began running drone operations out of Seychelles. In the Spring of 2013, members of the Special-Purpose Marine Air-Ground Task Force Africa mentored troops in Seychelles, along with a variety of other African nations. The Military of Seychelles is the Seychelles People's Defence Force which consists of a number of distinct branches: an Infantry Unit and Coast Guard, Air Force and
1769-566: The Seychelles Minister of Defence, Ogilvy Berlouis, caused President René to request assistance from India. In Operation Flowers are Blooming , the Indian naval vessel Vindhyagiri arrived in Port Victoria to help avert the coup. The first draft of a new constitution failed to receive the requisite 60% of voters in 1992, but an amended version was approved in 1993. In June 2012, during
1830-723: The Seychelles Party for Social Justice and Democracy and the Seychelles United Party formed a coalition, Linyon Demokratik Seselwa (LDS). LDS won 25 seats and US got 10 seats of the 35 seats of the National Assembly. Seychelles is a member of the United Nations , the African Union , the Indian Ocean Commission , La Francophonie , the Southern African Development Community and the Commonwealth of Nations . Between 1979 and 1983, various plots to overthrow
1891-455: The United States' rate by 15%. However, the country's actual population was less than 100,000; as of September 2014, Seychelles had 735 actual prisoners, 6% of whom were female, incarcerated in three prisons. The incarceration rate in Seychelles has since dropped significantly. It is no longer among the top ten countries with the highest rate of incarceration. In 2022, the incarceration rate
African Export–Import Bank - Misplaced Pages Continue
1952-463: The authorized share capital of the bank was increased to US$ 5 billion on December 8, 2012. On October 28, 2021, Afreximbank announced that it had embarked on a US$ 6.5 billion General Capital Increase (of which US$ 2.6 billion would be paid-in) to expand its capacity to deliver on its core mandate and diversify its range of services. As of May 2018,the bank's shareholders, totaling 146, were divided into four categories: The General Meeting of Shareholders
2013-464: The bank had four regional locations and was in the final stages of establishing a fifth regional office for Central Africa . As of December 2022, Afreximbank had five regional offices, as follows: Afreximbank was established in 1993 to play the role of Africa’s Exim Bank to promote and finance extra- and intra-African trade. The Agreement establishing the Bank and the Bank’s Charter were adopted at
2074-739: The company until the 2018 transaction. Fitch Ratings and Fitch Solutions are part of the Fitch Group. The firm was founded by John Knowles Fitch on December 24, 1914, in New York City as the Fitch Publishing Company. In 1989, the company was acquired by a group including Robert Van Kampen . In 1997, Fitch was acquired by FIMALAC and was merged with London-based IBCA Limited, a FIMALAC subsidiary. In 2000, Fitch acquired both Chicago-based Duff & Phelps Credit Rating Co. (April) and Thomson Financial BankWatch (December). Fitch Ratings
2135-533: The constituent general assembly meeting of the Bank held at the AfDB headquarters in Abidjan on May 8, 1993. All the countries wishing to become participating states in the Bank signed the Agreement. In addition, states that wanted to become shareholders signed the Charter. The Bank Agreement confers on the Bank the status of an international organization with full juridical personality under the laws of participating states. Under
2196-737: The continent. The Afreximbank, in collaboration with the African Union Commission (AUC), the African Continental Free Trade Area (AfCFTA) Secretariat and the Ministry of Trade & Industry of Egypt hosted a high-level business roadshow, ahead of the Intra-African Trade Fair (IATF 2023). Afreximbank has launched the first in its series of African Quality Assurance Centres (AQAC) being set up in Nigeria, to ensure
2257-452: The coup in 1977, the president always represented the same political party until the October 2020 Seychellois general election , which was historic in that the opposition party won. Wavel Ramkalawan was the first president who did not represent United Seychelles (the current name of the former Seychelles People's Progressive Front). In January 2023, Seychelles announced its final stages of completing its marine spatial plan. It would become
2318-492: The early 21st century, Seychelles has the highest nominal per capita GDP of any African nation. It has the highest Human Development Index ranking of any African country. According to the 2023 V-Dem Democracy indices , Seychelles is the 43rd-ranked electoral democracy worldwide and 1st-ranked electoral democracy in Africa . Seychellois culture and society is an eclectic mix of French, British, and African influences, with infusions of Chinese and Indian elements. The country
2379-469: The end of 2022, Afreximbank’s total assets and guarantees stood at US$ 31.10 billion, and its shareholder funds amounted to US$ 5.21 billion. It disbursed more than US$ 51 billion to support African economies between 2016 and 2021. In addition, from 2020 to 2022, the Bank disbursed about $ 50 billion on a revolving basis to support African countries in containing the economic consequences of the COVID-19 pandemic and
2440-461: The first president of the republic, James Mancham . René discouraged over-dependence on tourism and declared that he wanted "to keep Seychelles for the Seychellois". The 1979 constitution declared a socialist one-party state , which lasted until 1991. In the 1980s there were a series of coup attempts against President René, some of which were supported by South Africa. In 1981, Mike Hoare led
2501-629: The first sighting was made by Thomé Lopes aboard Rui Mendes de Brito . Da Gama's ships passed close to an elevated island, probably Silhouette Island , and the following day Desroches Island . Later, the Portuguese mapped a group of seven islands and named them The Seven Sisters. The earliest recorded landing was in January 1609, by the crew of the Ascension under Captain Alexander Sharpeigh during
African Export–Import Bank - Misplaced Pages Continue
2562-527: The fourth voyage of the British East India Company . A transit point for trade between Africa and Asia, the islands were said to be occasionally used by pirates until the French began to take control in 1756 when a Stone of Possession was laid on Mahé by Captain Nicholas Morphey . The islands were named after Jean Moreau de Séchelles , Louis XV 's Minister of Finance. In August 1770,
2623-911: The granitics on the edge of the Seychelles Bank: Denis and Bird . There are two coral islands south of the Granitic: Coëtivy and Platte . There are 29 coral islands in the Amirantes group , west of the granitic: Desroches , Poivre Atoll (comprising three islands—Poivre, Florentin and South Island), Alphonse, D'Arros, St. Joseph Atoll (comprising 14 islands—St. Joseph, Île aux Fouquets, Resource, Petit Carcassaye, Grand Carcassaye, Benjamin, Bancs Ferrari, Chiens, Pélicans, Vars, Île Paul, Banc de Sable, Banc aux Cocos and Île aux Poules), Marie Louise, Desnœufs, African Banks (comprising two islands—African Banks and South Island), Rémire, St. François, Boudeuse, Étoile, Bijoutier. There are 13 coral islands in
2684-480: The inner islands. Eight of the districts make up the capital of Seychelles and are referred to as Greater Victoria . Another 14 districts are considered the rural part of the main island of Mahé . Two more districts divide the island of Praslin and one covers La Digue as well as satellite and other Inner Islands . The rest of the Outer Islands ( Îles Eloignées ) make up the last district recently created by
2745-442: The late 18th century. Since proclaiming independence from the United Kingdom in 1976, it has developed from a largely agricultural society to a market-based diversified economy, characterized by service , public sector , and tourism activities. From 1976 to 2015, nominal GDP grew nearly 700%, and purchasing power parity nearly 1600%. Since the late 2010s, the government has taken steps to encourage foreign investment . As of
2806-424: The loss of boats, fishing, and tourism, and the indirect investment for the maritime security." These are factors affecting local fishing – one of the country's main national resources – which had a 46% loss in 2008–2009. International contributions of patrol boats, planes or drones have been provided to help Seychelles combat sea piracy. Seychelles is divided into twenty-six administrative regions comprising all of
2867-468: The non-aligned government of France-Albert Rene were, according to leading participants, supported by the United States, France, and South Africa. Commonly cited reasons for such attempts include Rene's socialist politics, his non-aligned stance toward the Western and Eastern Blocs, and the United States' military lease in the country, which was set to expire in 1990. All coup efforts in this period failed. Under
2928-480: The opposition had won a presidential election. The primary political parties are the former long-time ruling socialist People's Party (PP), known until 2009 as the Seychelles People's Progressive Front (SPPF) now called United Seychelles (US), and the socially liberal Seychelles National Party (SNP). The election of the National Assembly was held on 22–24 October 2020. The Seychelles National Party,
2989-534: The other agencies, Fitch was warning the market on the constant proportion debt obligations (CPDO) with an early and pre-crisis report highlighting the dangers of CPDOs in 2007. Seychelles – in Africa (light blue & dark grey) – in the African Union (light blue) Seychelles ( / s eɪ ˈ ʃ ɛ l ( z )/ , / ˈ s eɪ ʃ ɛ l ( z )/ ; French: [sɛʃɛl] or [seʃɛl] ), officially
3050-404: The potential level of default within a 12-month period. Launched in 2008, Fitch Solutions offers a range of fixed-income products and professional development services for financial professionals. The firm also distributes Fitch Ratings' proprietary credit ratings, research, financial data, and analytical tools. The main credit rating agencies , including Fitch, were accused of misrepresenting
3111-471: The president is Wavel Ramkalawan . The unicameral Seychellois parliament, the National Assembly or Assemblée Nationale , consists of 35 members, 26 of whom are elected directly by popular vote, while the remaining nine seats are appointed proportionally according to the percentage of votes received by each party. All members serve five-year terms. The Supreme Court of Seychelles , created in 1903,
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#17328695081073172-446: The production and export of quality agro-produce from the country. Fitch Ratings Fitch Ratings Inc. is an American credit rating agency . It is one of the three nationally recognized statistical rating organizations ( NRSRO ) designated by the U.S. Securities and Exchange Commission and is considered as being one of the " Big Three credit rating agencies ", along with Moody's and Standard & Poor's . Fitch Ratings
3233-407: The publication of the Constitution. The majority of the islands are uninhabited, with many dedicated as nature reserves. Seychelles' largest island, Mahé , is located 1,550 km (835 nmi) from Mogadishu ( Somalia 's capital). A group of 44 islands (42 granitic and 2 corallines) occupy the shallow waters of the Seychelles Bank and are collectively referred to as the inner islands. They have
3294-410: The rest of Michel's term. On 26 October 2020, Wavel Ramkalawan , a 59-year-old Anglican priest, was elected the fifth President of the Republic of Seychelles. Ramkalawan was an opposition MP from 1993 to 2011, and from 2016 to 2020. He served as the Leader of the Opposition from 1998 to 2011 and from 2016 to 2020. Ramkalawan defeated incumbent Danny Faure by 54.9% to 43.5%. This marked the first time
3355-437: The risks associated with mortgage-related securities, which included the collateralized debt obligation (CDO) market. There were large losses in the CDO market that occurred despite being assigned top ratings by the CRAs. For instance, losses on $ 340.7 million worth of collateralized debt obligations (CDO) issued by Credit Suisse Group added up to about $ 125 million, despite being rated AAA by Fitch. However, differently from
3416-404: The second largest ocean area at 1.35 million km (520,000 sq mi) behind Norway , in support of its blue economy . The Seychelles president, who is head of state and head of government , is elected by popular vote for a five-year term of office. The cabinet is presided over and appointed by the president, subject to the approval of a majority of the legislature. As of 2023,
3477-414: The tourism ministry. Greater Victoria Rural Mahé Praslin La Digue and remaining Inner Islands An island nation, Seychelles is located in the Somali Sea segment of the Indian Ocean, northeast of Madagascar and about 1,600 km (860 nmi) east of Kenya . The Constitution of Seychelles lists 155 named islands, and a further 7 reclaimed islands have been created subsequent to
3538-416: Was 287 per 100,000 population, being just the 31st highest in the world. Seychelles is a key participant in the fight against Indian Ocean piracy primarily committed by Somali pirates . Former president James Michel said that piracy costs between $ 7 million – $ 12 million a year to the international community: "The pirates cost 4% of the Seychelles GDP , including direct and indirect costs for
3599-467: Was at that time the prime minister. René ruled as a strongman under a socialist one-party system until 1993, when he was forced to introduce a multi-party system. He stepped down in 2004 in favour of his vice-president, James Michel , who was re-elected in 2006 , 2011 and again in 2015 . On 28 September 2016, the Office of the President announced that Michel would step down effective 16 October, and that Vice President Danny Faure would complete
3660-409: Was reappointed by the Bank’s shareholders for a second five-year term as President and Chairman of the Board of Directors. Oramah was preceded in office by Jean-Louis Ekra, who served from 2005 to 2015 and who, in turn, succeeded Christopher Edordu, the pioneer President who was in office from 1993 to 2005. The 23rd Annual General Meeting of the bank's shareholders was held from July 18 to 24, 2016 in
3721-431: Was uninhabited throughout most of recorded history, although simulations of Austronesian migration patterns indicate a good probability that Asians visited the islands. Tombs visible until 1910 at Anse Lascars on Silhouette Island have been conjectured to belong to later Maldivian and Arab traders visiting the archipelago. Vasco da Gama and his 4th Portuguese India Armada discovered the Seychelles on 15 March 1503;
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