AfDB to support Medium and Small Enterprises in Seychelles

The African development Bank (AfDB) and the Government of Seychelles have entered into an agreement which will finance the Seychelles MSME Development Project. A fund of US $1 million will be provided by the AfDB under the African Private Sector Assistance (FAPA) grant.

The project will help in the development of Seychelles MSMEs. The MSMEs in Seychelles face the problem of access to finance and entrepreneurial skills which will be dealt with under the development project.

The project will work in consonance with Seychelles Inclusive Private Sector Development and Competitiveness Programme (IPSDCP).

The agreement was signed by Pierre Laporte, Minister of Finance, Trade and Investment on behalf of the Government of Seychelles and Gabriel negate, Regional Director for East Africa, on behalf of AfDB.

Negate said, "Promoting the creation and growth of domestic MSMEs is key to economic competitiveness and diversification in Seychelles. This project will support the Seychellois Government in their efforts to promote entrepreneurship and the role of small businesses in the development of the country."

FAPA support provided to Seychelles will be strengthening two main government agencies, the Small Business Finance Agency (SBFA) and the Small Enterprise Promotion Agency (SEnPA).