Browsing: African Development Bank Seychelles

The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a $20 million flexible loan to finance Seychelles’ Governance and Economic Reforms Support Program, expected to help drive the island nation’s macroeconomic stability and recovery from Covid-19 in the medium-term.

The government program aims to deepen reforms introduced through the Bank’s Covid-19 Crisis Response Budget Support Program, approved in June 2020 for $10 million. These reforms are expected to advance fiscal sustainability, improve the business environment and Seychelles’ climate change and environmental resilience.

The Bank’s financing will complement funds from the World Bank and the International Monetary Fund in support of reforms that will benefit Seychelles’ private sector, dominated by small enterprises. By ensuring that such businesses stay afloat during these challenging times, the operation will positively impact women and the youth, while creating employment and equal opportunities.

Seychelles’ Minister of Finance, Trade, Investment and …

The African Development Bank is working on a financial facility to support Seychelles in its COVID-19 recovery programme according to a top official of the bank.

During a courtesy call on President Wavel Ramkalawan at State House today April 7, The executive director of AfDB, Cheptoo Amos Kipronoh, said that Seychelles the bank will support the government to heal the economy of its country.

“The facility will try and help Seychelles fully in the recuperation of its economy. I am seeing that the recovery process is going very well and the country has been able to vaccinate 60 percent of its population,” said Amos Kipronoh.

“We are also seeing that the hotel businesses are also recovering and the bed occupancy is now very high. So we are working closely with the government to ensure a strong recovery process so that the economy becomes more resilient,” he added.

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