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The United Arab Emirates (UAE) has strengthened its ties with both Seychelles and Mauritius through a series of memoranda of understanding (MoUs) in a bid to enhance cross-border financial transactions and to address climate change challenges.
MoUs were signed between the UAE and Seychelles in order to enhance the use of the UAE Dirham and Seychellois Rupee in cross-border financial and commercial transactions, which will reduce costs and time and would eventually strengthen the foreign exchange markets in both countries to further develop trade exchange, investments, and remittances.
Caroline Abel, Governor of the Central Bank of Seychelles, emphasized how an effective financial system is of immense importance to the small island economies. “The MoUs just signed between our two central banks, guided by relevant laws to safeguard the soundness and integrity of our financial systems, can further facilitate trade relations between stakeholders across the two jurisdictions,” said Abel.
She also mentioned that Seychelles’ national payment system modernization, in line with the government’s digital economy agenda, would contribute towards the interlinkage in both payment and messaging systems. This, she said, would pave the way for easy cross-border financial transactions between the UAE and Seychelles and further boost their economic relationship.
The partnership of the UAE with Mauritius is also developing simultaneously. An MoU between the two nations had been signed, which shows the commitment of the Gulf nation together with Mauritius in dealing with climate change. The Minister of Energy and Public Utilities of Mauritius, Georges Lesjongard, said that his country highly appreciated the longstanding cooperation of the UAE and his nation, especially in sectors crucial to sustainable development, as he inked the agreement.
He added that the collaboration was important for Mauritius, more so as a SIDS country, with acute vulnerability to harsh climate conditions. “The UAE-Mauritius cooperation will help in the achievement of our Nationally Determined Contributions and improve our resilience towards the impact of climate change,” he said.
Both agreements are testimony to the UAE’s resolve to contribute to economic growth and climate resilience in partnerships involving island nations. Strengthening financial systems in Seychelles and supporting Mauritius’ climate action make the UAE a leading agent in promoting sustainable development around the Indian Ocean region.
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