Seychelles: African Development Bank Supports Blue Economy with $800k FAPA grant
The African
Development Bank has signed an $800,000 grant agreement with the government of
Seychelles to support micro, small and medium enterprises (MSMEs) in its Blue
Economy sector.
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 $1million
project will be financed through a grant from the Fund for African Private
Sector Assistance (FAPA), which will provide $800,000 and $200,00 million from
the Seychelles government. 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.
The Governments of Japan and Austria, and the African Development Bank are
active contributors to the fund.
Seychelles’
Minister for Finance, Trade, Investment and Economic Planning, Ambassador
Maurice Loustau-Lalanne, signed a 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.
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.
Other expected
beneficiaries include youth and women engaged in marine biotechnology
activities. The project includes training of about 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.
Source
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