US $21 million partnership to help if oil found |12 April 2012

The CPS is the country’s first comprehensive development strategy with the international financial institution in nearly two decades and will also build partnerships with key stakeholders to help implement the new strategy.

“The CPS will also produce a series of economic analysis that will underpin the government’s reform programme, as well as to help identify areas of weaknesses and binding constraints to sustainability beyond the medium term agenda,” the World Bank said.

The strategy will also finance a three-year series of development policy operations with an indicative amount of US $7 million for each operation.

The International Finance Corporation – which is the private sector arm of the World Bank Group – will play an integral role in coordinating the implementation of the new strategy.

It will complement the bank’s engagement with Seychelles by continuing to explore demand and expand their investment primarily focused on financial sector – small and medium enterprises, capital market development, tourism and fisheries-related projects and infrastructure development that will create employment opportunities.

The World Bank said the plan is “building on a successful two-year interim strategy” and the new CPS was prepared in close consultation with a wide group of stakeholders in Seychelles, including the government, private sector, and the civil society.

The government of Seychelles and the World Bank have agreed that a CPS mid-term review will be done in the first quarter of 2014.

“The strategy will focus on competitiveness, job creation, and protecting the poor from external shocks.  It will also help strengthening public sector management,” said a statement from the bank.

Finance, Trade and Investment Minister Pierre Laporte has welcomed the new strategy and said it is a key tool that will help the country to achieve its medium- and long-term development goals.