New AfDB funding to boost private sector development |06 December 2013

The African Development Bank (AfDB) has approved to provide Seychelles with a new budget support loan to support private sector development.

The regional multilateral development bank will finance Seychelles’ Inclusive Private Sector Development and Competitiveness Programme (IPSDCP) through a loan worth US $20 million.

The main objective of the IPSDCP is to support the reform agenda of the government of Seychelles in enhancing private sector-led growth and development in the country.

IPSDCP was designed as a two-year programme to support the National Budget for 2013 and 2014.

On awarding the loan at its 164th sitting, while the majority of the AfDB Board commended the government for the substantial reforms made in the area of simplifying regulatory frameworks, financial sector development and public financial management, some other members indicated that more work needed to be undertaken in the area of sustainable and inclusive growth to further enhance the economic competitiveness of the country.

The AfDB’s main objective is to spur sustainable economic development and social progress in its regional member countries, thus contributing to poverty reduction.

The Bank Group achieves this by mobilising and allocating resources for investment in member countries and providing policy advice and technical assistance to support development efforts.