Seychelles: African Development Bank approves a USD 25 million loan to improve access to renewable energy and create jobs

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.