The Board of Directors of the African Development Bank Group approved a loan of USD 33 million to Seychelles on 17 November 2023 to implement Phase III of the Governance and Economic Reforms Support Program.
Following Phases I and II, the results of which were considered satisfactory, the third phase will focus on consolidating and deepening the reforms to strengthen the country’s economic resilience and help it tackle climate change. Among other things, it will 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.
The program will help to create greater and better quality opportunities for the population of Seychelles by supporting budgetary consolidation efforts and contributing to reducing debt vulnerability. This will translate into reforms aimed at removing 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.
The program plans to upgrade of 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 across public administration, economic growth and environmental and climate resilience.
• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...
• Qatar Airways and Kenya Airways establish strategic agreement, introducing a third daily flight be...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...
• EY is preparing to leave Francophone Sub-Saharan Africa by 2026• The exit could unlock $500 m...
• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....
• Ghana signs a deal with eLearning Africa to expand digital learning access across the country.• The partnership focuses on deploying modern digital...
Ghana launches the Oncology Nurse Leadership Program (ONLEP) to train specialized oncology nurses from seven African countries. The five-year...
Ivanhoe Mines signs deal covering 100% of Kamoa-Kakula smelter’s copper output. The smelter will process up to 500,000 tonnes annually, starting at...
African gas projects drive significant contracts for Asian shipbuilders, especially for Floating Liquefied Natural Gas (FLNG) units. South Korean...
Kolmanskop offers a haunting blend of lost wealth, colonial history, and the unstoppable force of nature. Located just a few kilometers inland from...
Located about 40 kilometers from Cape Town’s city center, Boulders Beach in Simon’s Town is one of the Cape Peninsula’s most iconic destinations. This...