Seychelles - Support to blue economy MSMEs (Technical Assistance)

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).