Daily Archives: May 20, 2017

KUALA LUMPUR (May 19): Nexgram Holdings Bhd has appointed a little-known company incorporated in the Republic of Seychelles as the joint developer and turnkey contractor for the development of the group's Angkasa Icon City (AIC) project.

Nexgram's wholly-owned subsidiary Nexgram Land Sdn Bhd inked a joint development agreement with ChinaAsian Capital Holding Ltd, the Seychelles company, today.

Nexgram, in a Bursa Malaysia filing, said the project will be built on land owned by another wholly-owned subsidiary, Nextnation Datacity Sdn Bhd.

AIC is a mixed commercial development in Cyberjaya, Selangor. It has been on Nexgram's to-do list since December 2014, when the group entered into two off-take agreements with MyAngkasa Bina Sdn Bhd for the latter to take up two significant development projects in Dengkil and Cyberjaya for RM1.44 billion.

AIC is the project to be built in Cyberjaya, and MyAngkasa which is a subsidiary of Angkatan Koperasi Kebangsaan Malaysia Bhd had pledged to buy the completed development back at RM1.15 billion.

The project, which is still awaiting approval from authorities, comprises one hotel, a block of small office/virtual office, and a block of service suite apartments.

The group said Nexgram Land and ChinaAsian Capital, so-called joint developer, will be responsible for designing, developing, constructing, reconstructing, carrying out and completing the project.

The joint developers will manage, market, advertise, sell, grant leases and tenancies of the properties developed on the land, said Nexgram.

Nexgram, however, did not provide any background information on ChinaAsian Capital, or its shareholders' information.

Not much details were provided on the land for the development either. However, according to Nexgram's past filing, the land spanned 5.91 acres.

As for the Dengkil project, the Sepang Municipal Council had in March last year rejected the development order (DO) for that. The project involved a leasehold agriculture plot measuring 2.15ha, and was meant to be a mixed property development worth RM297.39 million.

Subsequently, according to a March 15 filing last year, Nexgram said the acquisition of the Dengkil land has been terminated since the DO was not obtained, though the off-take agreement with MyAngkasa pertaining to the Dengkil project was still valid.

It did, however, said its other partner in the Dengkil project, Top Valley Properties Sdn Bhd, was in the midst of "exploring all possible viable options including sourcing of an alternative suitable land while continuing negotiation with the land owner for resubmission of the DO". No information about Top Valley has been disclosed so far.

Nexgram's share price closed unchanged at 4.5 sen today, giving it a market capitalisation of RM84.7 million.

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Nexgram announces Seychelles firm as joint developer for Angkasa Icon City - The Edge Markets MY

The programme of EUR 3 million is part of the European Union Global Climate Change Alliance (GCCA+) which aims at strengthening dialogue and cooperation with developing countries, in particular least developed countries (LDCs) and small island developing States (SIDS)

Mah (Seychelles) The Head of Cooperation of the European Union to the Republic of Seychelles opened the second Steering Committee of the Seychelles Global Climate Change Alliance project. She reiterated the relevance of activities foreseen to address the recurrent flooding problems on La Digue.

According to Ms Carla OSORIO, Head of Cooperation of the Delegation of the European Union to the Republic of Seychelles: This important project provides the European Union with a formidable window to reiterate its commitment to support Government in the implementation of its National Climate Change Strategy, in line with commitments taken in COP 21 Conference. Last month the EU fielded a Results Oriented Monitoring (ROM) Mission to Seychelles to evaluate implementation progress. I am glad to point out that the project continues to remain highly relevant for La Digue. The activities are comprehensive being both science-based and practical. The Steering Committee had the opportunity to look into details in the recommendations of the monitoring mission and together we agreed on a common roadmap on how to ensure efficiency and sustainability for the remaining implementation period.

According to the UNDP, the project is being welcomed by the La Digue community and will help to alleviate the pressure from recent climatic events such as the Felleng cyclone event in 2013. Activities for components 1 and 4 are well under way and components 2 and 3 are expected to be launched soon.

At the margin of the Steering Committee meeting, the Head of Cooperation also met and discussed with the various stakeholders including local communities from La Digue. For the EU representative, it is essential to ensure the participation and involvement of local communities for the success of this project.

A major component of the project concerns the implementation of coastal climate change adaptation in risk-prone areas on La Digue

The Global Climate Change Alliance was established by the European Union in 2007 with a total envelope of EUR 285 million for the period 2008 to 2013. The objective is to support developing countries and small islands developing states in their endeavours to adapt to climate change.

To-date the programme, has supported more than 70 programmes in over 50 countries, including Seychelles, in Africa, Asia, Pacific and Caribbean and the Indian Ocean. In light of its success, the European Union has allocated an additional envelope of EUR 350 million for the programme for the period 2014-2020. In addition, another EUR 70 million are also available for climate actions from the European Union regional funds until 2020.

The programme for Seychelles was signed between the European Union and the Government of Seychelles in December 2014 to assist Government in developing its resistance to these changing climate patterns. The programme of EUR 3 million is part of the European Union Global Climate Change Alliance (GCCA+) which aims at strengthening dialogue and cooperation with developing countries, in particular least developed countries (LDCs) and small island developing States (SIDS). The GCCA + is one of the most significant climate initiatives in the world.

A major component of the project concerns the implementation of coastal climate change adaptation in risk-prone areas on La Digue. These activities are being implemented by the UNDP (United National Development Programme), given their experience and expertise in the domain in Mah and in La Digue. The project is expected to run until 2019.

Activities that will be implemented include the preparation of an Integrated Shoreline Management Plan, hydrological and topographic studies on flood buffering and salinization control measures. The activities will also focus on the restoration of wetlands, as a sustainable means to reduce flood risks.

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EU partners Seychelles to address climatic conditions | News Ghana - News Ghana

Eden Bleu Hotel, Seychelles, creates awareness of its unique offering to the German Market ITCM Eden Bleu Hotel recently participated in a road-show with the Seychelles Tourism Board and Air Seychelles and continued to promote the Seychelles as a business destination to the German MICE market with positive results. Eden Bleu Hotel is the only ...

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Eden Bleu Hotel, Seychelles, creates awareness of its unique offering to the German Market - ITCM

Grenada and the Seychelles may be different in some ways but they also have some things in common.

ST GEORGES, Grenada, Friday May 19, 2017 A dreamy holiday destination for sun lovers and beach goers, Grenada, also called the Spice Island, is home to over 100,000 people. With an ocean area 80 times larger than its land space, a rich and pristine coastline and colourful coral reefs driving its tourism industry, and a real understanding of climate risks, this Eastern Caribbean Island has recently positioned itself as a real blue economy champion in the region.

Over 13,000 kilometers west, another small island developing state in the Western Indian Ocean with similar challenges and opportunitiesthe Seychellesis also leading on the blue agenda.

What common challenges and opportunities are facing small economies? What can the World Bank contribute to generate stable growth in small economies? These are key questions raised in recent conversations in the Caribbean and Washington.

Small size, yet great opportunities

Grenada Prime Minister Keith Mitchell, recently appointed as chair of the World Bank Group Small States Forum taking over from Seychelles Minister of Finance Jean-Paul Adam, called for the need to change the narrative from big to small, and in doing so, address opportunities for small states.

Small states can set an example for the rest of the world, said Prime Minister Mitchell. We do not come to the table cap in hand. Small and nimble, quick and cost effective, so lets look at specific opportunities.

A recently launched World Bank study, Open and Nimble: Finding Stable Growth in Small Economies, shows that economic size measured by the size of working age population does not matter to thedevelopment and economic growth of countries. While small economies are more open to trade and foreign investment and highly specialized in their export sectors, they are also more nimble and able to change the structure of their economies and exports over time. In fact, small economies such as Costa Rica and Caribbean countries have been more successful in reinventing themselves than some of the regions giants.

Small states of the Caribbean have also shown how the strength of their fiscal policies and financial sector can help them become more resilient in difficult times. According to the Bank report, Taming Volatility: Fiscal Policy and Financial Development for Growth in the Eastern Caribbean, countries in the region such as Grenada and St. Kitts, which have been able to save in good times and strengthen their banking system, have been able to endure more difficult times.

Thinking blue growth and climate resilience

Small island developing states such as Grenada and the Seychelles are looking at the ocean as the next frontier for sustainable economic development and are now starting to think blue. For the Caribbean, this means unlocking ocean wealth in a way that sustainably contributes to blue growth and returns long-term benefits to communities such as job opportunities and food security.

World Bank report, Toward a Blue Economy: A Promise for Sustainable Growth in the Caribbean, estimates that the Caribbean Sea generated US$407 billion in 2012, representing almost 18 percent of Caribbean GDP, including mainland Caribbean coastal countries. Last year, the Seychelles completed an innovative debt for nature swap to strengthen the countrys environmental sustainability and climate resilience by restructuring its debt and adopting a comprehensive marine special plan. In the Caribbean, the World Bank Group is accelerating progress in this areaby supporting the implementation of the Eastern Caribbean Regional Oceanscape Policy (ECROP) endorsed by all 11 heads of state of the Organization of the Eastern Caribbean States (OECS).

The search for blue growth is now at the top of Grenada and many other small island developing states. This will also be part of the focus for the next heads of state meeting of the Caribbean Community (CARICOM) in July.

Small states matter

The 50 percent increase of the International Development Association (IDA) from $50 billion to $75 billion, is a major opportunity for small states that are eligible for IDA (the World Bank Groups concessional financing window). This comes at a very uncertain time for development finance and for climate finance, said Mitchell during theSmall State Engagement Updateat the WB-IMF Spring Meetings.

For the Caribbean, the allocation for IDA-eligible countries including Dominica, Grenada, Guyana, St. Lucia, and St. Vincent and the Grenadine has more than tripled for the next IDA cycle.

With a larger allocation, these small states can strategically shift to larger and transformational projects that boost sustainable growth and generate inclusive opportunities for their population, especially youth, said Tahseen Sayed, World Bank country director for the Caribbean. (World Bank)

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