Seychelles: AfDB approves a USD 25m loan to improve access to renewable energy, create jobs
Business
THE Board of Directors of the African Development Bank Group has approved a $25 million loan to Seychelles to implement the first phase of the Economic Resilience and Green Recovery Support Programme aimed at economic governance management across the archipelago.
The operation, the first in a series of programmes scheduled for 2024, 2025 and 2026, will support efforts by the Seychelles authorities to improve tax revenues and enhance governance in the public sector, including efficiency of public spending and public service delivery as key pathways to advance governance and economic management reforms. The tax will play an important role in the country’s tax mobilisation efforts and provide funds for investment in circular economy projects.
The programme will support current efforts of the Seychelles Ministry of Investment, Entrepreneurship and Industry to drive economic diversification and transformation in the key sectors of fishing and tourism. These initiatives include the revision of relevant legislative frameworks to promote growth of the private sector, supporting the recently approved industrial policy.
The programme will also help the Seychelles authorities to deepen reforms that promote environment and climate resilience, assisting the government’s efforts to integrate climate adaptation and mitigation into the National Development Strategy for 2024-2028.
The government is also implementing measures to improve the health of the country’s financial system so that it can do more to support real sector growth. Specifically, the new programme will support efforts by the authorities to introduce a licensing regime for the virtual asset sector.
The overall aim of the program is to contribute to Seychelles’ medium-term objectives of improving access to renewable energy, enhancing inclusive growth, and creating jobs, while leaving room for manoeuvre in the budget sphere and promoting debt sustainability. This will enable the government to allocate resources to priority projects and programs while protecting more vulnerable social groups.
As of 1 July 2024, the AfDB’s approved and ongoing portfolio in Seychelles comprises seven operations for a total commitment of $33.7 million.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
A.I
Sept. 30, 2024
Related Posts
Unity Bank, ANWBN empower Women Entrepreneurs with AI, digital marketing skills
UNITY Bank Plc has hosted a capacity-building workshop to support the Association of Nigerian Women in Business Network, ANWBN, in...
Read MoreinDrive Broadens Reach in Zimbabwe with Ride-Hailing, Courier and intercity Services
INDRIVE, the global mobility and urban services platform, announces its expansion across Zimbabwe, now offering ride-hailing services in four major...
Read MoreSavannah Energy announces H1 2024 results with 3% increase in Nigerian production
SAVANNA ENERGY PLC, the British independent energy company focused around the delivery of Projects that Matter, is pleased to announce its unaudited half-year...
Read MoreMost Read
Subscribe to Our Newsletter
Keep abreast of news and other developments from our website.