Seychelles First Sustainable and Inclusive Growth Development Policy Operation (WB-P506960)

Countries
  • Seychelles
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Nov 27, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Government of Seychelles - Ministry of Finance, National Planning and Trade
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ WB website

Updated in EWS Feb 27, 2025

Disclosed by Bank Sep 19, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the Program Development Objectives are to support the Government of Seychelles to: (i) strengthen financial stability and the business environment; (ii) promote fiscal transparency; and (iii) enhance environmental and social resilience.

The proposed DPO is the first in a programmatic series of two operations and will provide an IBRD loan of US$15 million.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The overall risk of the operation is Moderate. Notwithstanding the moderate risk ratings for all categories, mitigation measures are in place. Strong PFM reforms will help mitigate related moderate risks. The GoS’ prudent fiscal stance through ongoing fiscal consolidation reforms, flexible exchange rate policy, improved targeting of social programs, and reforms to increase resilience to climate change shocks (including under this operation) will help to cushion the impacts of external shocks and natural disasters. While limited capacity remains a challenge in Seychelles, as in other small island development states, institutional capacity for implementation and sustainability risks are rated as Moderate after taking into account mitigating measures and the GoS’ strong track record of implementation over four previous DPOs.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

According to the Loan Agreement the Bank will lend to the Borrower the amount of fifteen million Dollars (USD 15,000,000) as such amount may be converted from time to time through a Currency Conversion (“Loan”).

The Front-end Fee is one quarter of one percent (0.25%) of the Loan amount.

The Commitment Charge is one quarter of one percent (0.25%) per annum on the Unwithdrawn Loan Balance.

The Payment Dates are March 15 and September 15 in each year.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

World Bank

Andrew Blackman
Senior Economist

Borrower/Client/Recipient

Republic of Seychelles
Elizabeth Agathine
Principal Secretary
elizabeth@finance.gov.sc

Implementing Agencies

Ministry of Finance, National Planning and Trade
Elizabeth Agathine
Principal Secretary
elizabeth@finance.gov.sc

FOR MORE INFORMATION CONTACT

The World Bank
1818 H Street, NW
Washington, D.C. 20433
Telephone: (202) 473-1000
Web: http://www.worldbank.org/projects

ACCESS TO INFORMATION

To submit an information request for project information, you will have to create an account to access the Access to Information request form. You can learn more about this process at: https://www.worldbank.org/en/access-to-information/request-submission

ACCOUNTABILITY MECHANISM OF THE WORLD BANK

The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. Information on how to file a complaint and a complaint request form are available at: https://www.inspectionpanel.org/how-to-file-complaint

How it works

How it works