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NBCC (India) Ltd has entered into an agreement with the Government of the Republic of Seychelles to construct 1,008 affordable housing units under the Ile Aurore Housing Project. The agreement, signed in the past week, covers the development of the housing units along with supporting infrastructure. The project will be financed through a USD 75 million Line of Credit extended by the Export-Import Bank of India (EXIM Bank). The signing took place in the presence of Seychelles Vice President Sebastien Pillay and NBCC Chairman and Managing Director K P Mahadevaswamy, reflecting continued infrastructure cooperation between India and Seychelles through government-backed development initiatives.
NBCC (India) Ltd has signed an agreement with the Government of the Republic of Seychelles to undertake the construction of the Ile Aurore Housing Project, which comprises 1,008 affordable housing units and associated infrastructure. The agreement was signed in the past week as part of an overseas housing development initiative funded through an Indian government-backed credit facility.
According to the company, the project will involve the development of 1,008 affordable homes along with the necessary supporting infrastructure required for the residential development. The housing project will be implemented in Ile Aurore, Seychelles, under an agreement executed between NBCC and the Seychelles government.
The project will be financed through a USD 75 million Line of Credit extended by the Export-Import Bank of India (EXIM Bank). The funding arrangement is intended to support the execution of the affordable housing scheme under the bilateral development cooperation framework between the two countries.
The agreement was signed on July 29 in the presence of Sebastien Pillay, Vice President of the Republic of Seychelles, and K P Mahadevaswamy, Chairman and Managing Director of NBCC (India) Ltd. Their presence at the signing underscored the official nature of the agreement and the collaboration between the two governments on the housing project.
NBCC stated that the Ile Aurore Housing Project will comprise not only the residential units but also the associated infrastructure required to support the development. The company did not disclose the project execution timeline or other implementation details in its statement.
NBCC (India) Ltd is a public sector enterprise engaged in project management consultancy and real estate businesses. The company undertakes infrastructure and construction projects in India and overseas, including government-led residential, institutional and urban development assignments.
The Seychelles housing project adds to NBCC's international project portfolio and represents another overseas assignment supported through an EXIM Bank Line of Credit aimed at financing development projects in partner countries.
Source - PTI
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