Seychelles - Support to blue economy MSMEs (Technical Assistance) (AFDB-P-SC-K00-016)

Countries
  • Seychelles
Where the impacts of the investment may be experienced.
Financial Institutions
  • African Development Bank (AFDB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Sep 12, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Government of Seychelles
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Grant
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 0.80 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ AFDB website

Updated in EWS Sep 9, 2020


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Project Description

According to bank documents, the package will help Seychelles develop its marine biotechnology sector, strengthen the capacity of public institutions and private operators, create a knowledge platform on emerging business opportunities, and provide technical and financial training to MSMEs. The project will also help accentuate development opportunities in the blue economy sector, consolidate research and development of technical capacity, and set up an incubator for micro, small and medium enterprises.

The proposed operation is an USD 800,000 grant from the Fund for African Private Sector Assistance (FAPA) to the government of Seychelles to support micro, small and medium enterprises (MSMEs) in its Blue Economy sector. The Seychelles' Blue economy is an important centrepiece of the country's National Development Strategy 2019-2023. An innovative approach by its government, envisages tapping on the economic potential of Seychelles' vast exclusive economic zone of 1,374,000 km2, to promote socio-economic development and inclusive growth. The country's Blue Economy Strategic Policy and Roadmap prioritizes the development of new and emerging maritime sectors, including marine-based aquaculture, renewable energy, offshore petroleum, and marine biotechnology, with MSMEs being an important vehicle for growth. The grant will be used for the technical assistance and capacity building project to diversify Seychelles' economy, especially in the biotechnology sector. This will help create high value jobs and wealth within the sector. Expected to be implemented over a period of three years, the project will be undertaken by the Department of the Blue Economy in collaboration with the Department of Industry and Entrepreneurship and the National Institute for Science and Technology (NISTI).

Investment Description
  • African Development Bank (AFDB)
Contact Information

*Contact information not provided at the time of disclosure*

ACCOUNTABILITY MECHANISM OF AfDB

The Independent Review Mechanism (IRM), which is administered by the Compliance Review and Mediation Unit (CRMU), is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an African Development Bank (AfDB)-financed project. If you submit a complaint to the IRM, it may assist you by either seeking to address your problems by facilitating a dispute resolution dialogue between you and those implementing the project and/or investigating whether the AfDB complied with its policies to prevent environmental and social harms. You can submit a complaint electronically by emailing crmuinfo@afdb.org, b.kargougou@afdb.org, b.fall@afdb.org, and/or s.toure@afdb.org. You can learn more about the IRM and how to file a complaint at https://www.afdb.org/en/independent-review-mechanism/.