|Approval Date||12 Sep 2019|
|Signature Date||13 Mar 2020|
|Planned Completion Date||31 Dec 2023|
|Sovereign / Non-Sovereign||Sovereign|
|DAC Sector Code||11330|
The proposed operation is an USD 800,000 grant from the Fund for African Private Sector Assistance (FAPA) to the government of Seychelles to support micro, small and medium enterprises (MSMEs) in its Blue Economy sector. 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. The grant will be used for the technical assistance and capacity building project to diversify Seychelles' economy, especially in the biotechnology sector. This will help create high value jobs and wealth within the sector. Expected to be implemented over a period of three years, the project will be undertaken by the Department of the Blue Economy in collaboration with the Department of Industry and Entrepreneurship and the National Institute for Science and Technology (NISTI).
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 project will also help accentuate development opportunities in the blue economy sector, consolidate research and development of technical capacity, and set up an incubator for micro, small and medium enterprises.
Seychelles' government will benefit through a much needed regulatory framework. Other expected beneficiaries include youth and women engaged in marine biotechnology activities. About 100 entrepreneurs, 85 trainers of teachers and 50 incubator users will receive training under the project. The grant will also support the creation of 20 MSMEs in marine biotechnology sector and setting up of a Biotechnology Entrepreneurship Development Strategy.
Fund for African Private Sector Assistance
|Last Update||18 Jun 2021|