On the morning of Friday 15th September 2023, the Finance and Public Accounts Committee (FPAC) met with the Island Development Company (IDC). The meeting, which was arranged in August 2023, is part of a series of meetings the FPAC is conducting with State-Owned Enterprises (SOEs). Members of the FPAC in attendance were the Chairperson Hon. Sebastien Pillay, Vice-Chairperson Hon. Terence Mondon, Hon. Sandy Arissol, Hon. Conrad Gabriel, Hon. Richard Labrosse, Hon. Georges Romain, and Hon. Churchill Gill with assistance by the Committee Secretary Ms. Alexandria Faure, Second Secretary Ms. Shannon Surman, and Assistant Secretary Ms. Sheryl Rangasamy. The IDC delegation comprised of Chief Executive Officer (CEO) Mr. Glenny Savy, Deputy CEO Mr. Christian Lionnet, General Manager of the Green Island Construction Company (GICC) Ms. Angelique Antat, Chief Finance Officer Mr. Anup Hari, General Manager of Aviation Mr. Marcus Labrosse, Fisheries and Aquaculture Development Manager Dr. Karine Rassool, and Public Relations Manager Mr. Michael Govinden.
The FPAC aimed to gain information on the structure of the IDC, detailed information on its operations, financial implications, and financial contributions to the economy. Members of the IDC team presented a detailed overview of their work, current projects, and future plans. The series of presentations began with an overview of the IDC and its functions in managing and maintaining the development of the Outer Islands under the purview of the company. This included the financial status of the IDC and GICC. The committee were informed that the company was able to increase its fiscal performance significantly through diversification, efficiency of staff performance, and through earnings from construction projects. It was also noted that environmental programs are being supported by the IDC using funds that would have been paid toward the Corporate Social Responsibility tax.
The next presentation was centered on agriculture, which is currently primarily subsistence farming. The FPAC were informed that the company plans to further increase the livestock farming aspect of agriculture to increase broiler and egg production, goats, as well as pigs and cattle. Future plans also include vanilla production on Coëtivy island. An overview of aquaculture on the islands was given, including the prawn-farming on Coëtivy and potential future collaborations from private investors.
The Committee was informed about the status of IDC Aviation, aircrafts, the links the aviation service provides to the other departments of the IDC as well as assistance provided to the Government in terms of search and rescue and Medevac services. Other topics included construction which provided an overview of construction projects completed by the GICC and future construction projects .
FPAC remains committed to conducting oversight on all SOEs and will also focus on conducting Public Hearings on major projects which SOEs intend to get involved with. To date, the FPAC has met with SEYPEC, the Seychelles Port Authority (SPA), Seychelles Civil Aviation Authority (SCAA) and the IDC, all of which have significant financial implications for the country.
