VICTORIA, Seychelles — Parastatal company Islands Development Company (IDC) had over R200 million worth of debt as at December 31, 2024, its new chief executive Cyril Bonnelame revealed at a press conference held yesterday morning at the company’s headquarters in Perseverance. In his first interview since his appointment on January 1, 2025, by President Wavel Ramkalawan, Mr Bonnelame explained that this was his main challenge and the focus was on how to turn this financial burden around.
Mr Bonnelame, who took over from the previous leadership, did not detail the breakdown of the debt but indicated that addressing the company’s obligations to creditors, employees and the state would require a multi-year restructuring plan. The IDC is a strategic parastatal responsible for managing several commercial properties, the Inter-Island Land Corporation portfolio and a number of tourism and property assets across Seychelles. The size of the reported liability, more than R200 million, raises questions about how the company will fund its operations and capital projects without additional support from the government.
The chief executive said he would be engaging with the Ministry of Finance, Cabinet and other stakeholders to chart a path to sustainability. The press conference was called to introduce Mr Bonnelame to the media and to outline the priorities for the coming year.
