New World Bank Group Strategy for Seychelles to Focus on Inclusive Growth and Resilience to Climate Change

WASHINGTON, July 26, 2024— The World Bank Group's Board of Executive Directors have endorsed a new Country Partnership Framework (CPF) for Seychelles from 2025 to 2030. This strategic framework lays out the priorities that will guide the partnership between the World Bank Group andSeychelles to foster inclusive growth that supports the country's stability and increases its resilience to future crises.

"Seychelles has made tremendous strides in the past few decades. It has driven economic growth and prosperity through tourism and fisheries, and achieved high-income status thanks to its emphasis on stability and enduring economic reforms," said Idah Z. Pswarayi-Riddihough, World Bank Country Director for Mozambique, Madagascar, Mauritius, Comoros, and Seychelles. "The new CPF builds on this progress and leverages the combined strength of the World Bank Group to support Seychelles in its journey towards a more inclusive and resilient economy. We are dedicated to working alongside the Seychellois people to unlock their full potential and ensure a prosperous future for all."
 
Leveraging the nation's human and natural capital, the CPF prioritizes citizens' quality of life through an improved business environment, better job opportunities, and quality education and skills. It also aims to strengthen the resilience of people and key economic sectors and focuses on social issues to ensure young people complete their education and lead successful lives.
 
This new strategy outlines ambitious goals to revitalize and grow the Seychelles economy  in an inclusive manner. "Key initiatives to improve productivity include job creation with a focus on youth, men, and women, streamlining business operations, enhancing access to finance for small enterprises, and fostering innovation in the tourism sector," remarked Mehita Fanny, Country Manager at International Finance Corporation for Comoros, Eswatini, Madagascar, Mozambique, and Seychelles.

As with other Small Island Developing States, Seychelles is particularly vulnerable to the impacts of climate change. Given its topography and climate projections, landslides and floods are expected to become more prevalent. Most infrastructure including airports, ports and economic activity centers are found along the coast and directly exposed to the threat of erosion and rising sea levels. Sustaining growth in living standards will require greater resilience to shocks and adaptation to climate change. The new partnership framework integrates climate action into the country's development strategy and aims to boost climate resilience through sustainable waste management, renewable energy adoption, and effective disaster planning.

"As part of the new CPF, MIGA will leverage its existing portfolio as well as the new World Bank Group guarantee platform to assist Seychelles in attracting and mobilizing private capital, supporting access to finance and climate lending for job creation and green development," said Șebnem Erol Madan, Director of Economics and Sustainability at the Multilateral Investment Guarantee Agency of the World Bank Group.

The CPF also emphasizes the importance of prudent fiscal management and strategic planning to prepare Seychelles for economic uncertainties and the long-term impacts of climate change.

Developed in close collaboration with the Government of Seychelles, development partners, civil society, the private sector, and other key stakeholders, the new CPF is anchored in the government's Seychelles' Vision 2033 and the current National Development Strategy.

 
About the World Bank Group:

The World Bank Group has a bold vision: to create a world free of poverty on a livable planet. In more than 100 countries, the World Bank Group provides financing, advice, and innovative solutions that improve lives by creating jobs, strengthening economic growth, and confronting the most urgent global development challenges. The World Bank Group is one of the largest sources of funding and knowledge for developing countries. It consists of the World Bank, including the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA); the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). For more information, please visit www.worldbank.org, www.miga.org, and www.ifc.org.

For more information on World Bank programs in Seychelles, visit: https://www.worldbank.org/en/country/seychelles

Join us on Facebook: https://www.facebook.com/WorldBankAfrica/

Follow us on Twitter: https://twitter.com/WorldBankAfrica

Find us on YouTube: http://www.worldbank.org/africa/youtube

Listen to our Afronomics Podcast: https://www.worldbank.org/en/news/series/afronomics-a-podcast-series