SEYCHELLES: The African Development Bank Group has granted Seychelles a loan of $33 million to implement Phase III of the Governance and Economic Reforms Support Program. The loan will focus on sustaining inclusive green growth and reinforcing climate resilience and environmental sustainability.
The program aims to strengthen budget sustainability by improving tax revenue collection and governance in the public sector, including state-owned enterprises (SOEs), and strengthening the anti-money laundering and counter-terrorism (AML/CFT) financing framework. It will also help to create greater and better quality opportunities for the population of Seychelles by supporting budgetary consolidation efforts and contributing to reducing debt vulnerability.
The program plans to upgrade the Automated System for Customs Data (ASYCUDA), which involves Express Courier, e-Manifest (for Express Courier), and Excise Tax Modules. It will also enable staff training to help them use the new modules.
In addition, the program will support measures aimed at strengthening Seychelles’ response to climate change and the transition to clean energy. This will include cabinet approval of the regulations on decentralized energy production systems and independent energy producers to encourage the development of renewable energy installations by using standalone generator units.
The population of Seychelles will be the program’s primary beneficiary based on the scale of the reform program and its impact on public administration, economic growth, and environmental and climate resilience.
The loan from the African Development Bank Group will help Seychelles remove constraints associated with the business environment and allow local microbusinesses and SMEs to participate more effectively in international trade while encouraging renewable energy production and better waste management practices.