WASHINGTON, November 27, 2024—The people of Seychelles will benefit from a $15 million loan approved by the World Bank Board of Directors today, which aims to strengthen the economy, improve public services, and address key environmental and social challenges.
The loan supports Seychelles' National Development Strategy (2024–2028) and focuses on key areas such as renewable energy, waste management, better social protection, and creating opportunities for youth. It also aligns with Seychelles’ goal of reducing public debt to 50% of the GDP by 2030.
“We are very appreciative of the World Bank support to Seychelles through this programmatic Development Policy Operation,” said Naadir Hassan, Minister of Finance, National Planning and Trade of Seychelles. “This support will help Seychelles strengthen financial stability and the business environment, improve fiscal management, and address important environmental and social challenges."
Seychelles, Africa’s only high-income country, faces unique challenges as a small island state, including vulnerability to climate change and reliance on tourism and fisheries. This support is the first of two planned initiatives designed to promote financial stability, increase government transparency, and enhance resilience to climate and social risks, ensuring a more sustainable and secure future for all Seychellois.
“We are excited to support Seychelles in its journey toward a more resilient and sustainable future,” said Idah Z. Pswarayi-Riddihough, World Bank Country Director for Mozambique, Madagascar, Mauritius, Comoros, and Seychelles. “This program is designed to tackle critical challenges head-on, creating lasting opportunities for Seychellois communities, strengthening the economy, and promoting a greener, more inclusive future for generations to come.”
The World Bank currently has a $60 million portfolio in Seychelles, which includes projects in social protection, climate resilience, and waste management, with a focus on helping vulnerable communities and addressing climate risks. Future cooperation under the World Bank Country Partnership Framework for Seychelles (2025-2030) will include initiatives for renewable energy, sustainable growth, and youth empowerment.
