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The Board of Directors of the African Development Bank Group has approved a $20m flexible loan to finance Seychelles’ Governance and Economic Reforms Support Program, expected to help drive the island nation’s macroeconomic stability and recovery from Covid-19 in the medium-term.The government program aims to deepen reforms introduced through the Bank’s Covid-19 Crisis Response Budget Support Program, approved in June 2020 for $10 million.
The Bank’s financing will complement funds from the World Bank and the International Monetary Fund in support of reforms that will benefit Seychelles’ private sector, dominated by small enterprises. By ensuring that such businesses stay afloat during these challenging times, the operation will positively impact women and the youth, while creating employment and equal opportunities.
Seychelles’ Minister of Finance, Trade, Investment and Economic Planning, Naadir N.H. Hassan, thanked the Bank for being a trusted partner in the country’s development. “The facility comes at an opportune time and will provide much-needed relief given the economic hardship we are faced with in light of the Covid-19 pandemic.
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