Seychelles Minister for Finance, Trade, Investment and Economic Planning, Ambassador Maurice Loustau-Lalanne, signed an $800,000 grant agreement on 13 March in Victoria, with Nnenna Nwabufo, Acting Director-General for Eastern Africa Regional Office signing on behalf of the African Development Bank in support of micro, small and medium enterprises (MSMEs) in the Blue Economy sector. The governments of Japan and Austria are also active contributors to the fund.
Seychelles’ Blue economy is an important centrepiece of the country’s National Development Strategy 2019-2023 which aims to promote socio-economic development and inclusive growth. The grant 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 Seychelles Blue Economy Strategic Policy and road map 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. Furthermore, the Blue Economy project will be financed through a grant from the Fund for African Private Sector Assistance (FAPA).
FAPA is a multi-donor thematic trust fund that provides grant funding for technical assistance and capacity building to support the implementation of the Bank’s Private Sector Development Strategy. Other beneficiaries of the fund, include youth and women engaged in marine biotechnology activities. The project will be training 100 entrepreneurs, half of whom should be women, creation of 20 MSMEs in marine biotechnology sector and the development of MSMEs’ Biotechnology Entrepreneurship Development Strategy.
