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Blue investment fund becomes more affordable for Seychellois businesses | 12 January 2021

The Development Bank of Seychelles in partnership with the department of the blue economy of the Ministry of Fisheries has updated the conditions of the Blue Investment Fund, a loan scheme that targets commercial operators within the supply chain of the fisheries sector.

Now, the loan can cover up to 90% of the total costs and the personal contribution has been reduced from 20 to just 10 percent.

The Blue Investment Fund (BIF) is the first-of-its kind loan scheme in Seychelles that offers medium and large loans up to US $3 million (in Seychelles rupees equivalent) at an affordable 4% interest rate and 15 years repayment term. The Blue Investment Fund specifically targets businesses operating within the supply chain of sustainable fisheries, including logistics, scientific services, processing, and market development sectors. By offering larger loans, the Development Bank of Seychelles hopes to give local businesses a financial push to scale up their operations and accelerate the nation’s transition to sustainable fisheries.

“In the absence of tourists, fisheries has become the primary provider for the Seychelles’ economy, and we want to support this vital sector. The Blue Investment Fund is a solution for larger businesses and investors that want to grow their operations and need substantial capital at affordable rate,” said Daniel Gappy, chief executive of the Development Bank of Seychelles. “The underlying idea of the Blue Investment Fund is to offer capital that can boost the development of the fisheries supply chain at a larger scale,” he added.

The Blue Investment Fund is available to all Seychellois, majority Seychellois-owned businesses, Seychelles-registered civil society organisations, and governmental agencies with valid commercial licenses.

To find more details on eligible activities and apply for the BIF loan, please contact the Development Bank of Seychelles Tel: 4294400 or visit our Website: www.dbs.sc;

The Blue Investment Fund is intended to support diversification and expansion of sustainable fisheries value chains in Seychelles. The fund is capitalised from the proceeds of the first Sovereign Blue Bond issued by the government of Seychelles (GoS) in 2018. Together with the Blue Grants Fund managed by the Seychelles Conservation and Climate Adaptation Trust (SeyCCAT), the Blue Investment Fund represents the Blue Finance approach of the government of Seychelles to streamline innovative climate finance to the Blue Economy development in Seychelles.

 

The Blue Investment Fund (BIF) details:

 

Amount

Minimum Seychelles rupees equivalent of US $10,000, maximum US $3 million

Interest rate

4% fixed rate

Repayment time

Up to 15 years

Financing coverage

NEW: Up to 90%; 10% of the loan value is contributed by the applicant

Required documents

BIF Loan application; Business plan; supporting documentation

 

 

 

Press release from DBS

 

 

 

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