AfDB lends $10 million to Seychelles for private sector development
SMEs will be the main beneficiaries of the loan.The African Development Bank (AfDB) has granted a $10 million (€8.9 million) loan to support a series of reforms to boost private sector development in Seychelles.
Small and medium-sized enterprises (SMEs) should be the main beneficiaries of these reforms, according to a statement from the AfDB.
The Seychelles economy is currently under a macroeconomic reform plan assisted by the IMF, and SMEs are seen as a key driver of the country's economic growth.
However, they cannot play their role fully owing to difficulties in accessing credit to finance their development.
The funds will strengthen government initiatives such as modernising the competition law to offer better protection for SMEs, and improving access to finance and support services for business start-ups.
"These reforms will not only have a direct positive impact on the business environment, but they will also improve the quality and efficiency of public expenditure, thus maximising the returns of public investment in economic infrastructure and public services which are key to economic competitiveness and inclusiveness," said the statement.