Seychelles - Governance and Economic Reforms Support Program (GERSP) – Phase III

The Governance and Economic Reforms Support Programme (GERSP)-III is the final intervention of the three-year programmatic operation covering 2021, 2022, and 2023 in Seychelles. The GERSP-III aims to strengthen the economic governance reforms that will sustain inclusive green growth and support post-COVID-19 recovery while reinforcing environmental and climate resilience. The project is a continue support of the Bank to Seychelles’ Medium-Term Fiscal Framework (MTFF), 2021-2023 through three components: (i) advancing fiscal sustainability; (ii) improving business environment; and (iii) improving climate change and environmental resilience. The GERSP-III’s key expected outputs are: (i) improved tax revenue performance; (ii) improved governance in the public sector, including in state-owned enterprises (SOEs); (iii) strengthened anti-money laundering and counter terrorism (AML/CFT) financing framework; (iv) enhanced environment for doing business; and (v) enhanced climate change responses and renewable energy and solid waste management frameworks. The project contributes to climate finance, with 11 million USD of the total approved amount dedicated to adaptation.