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World Bank To Support Seychelles SMEs

by Lorys Charalambous, Lowtax.net, Cyprus
13 May, 2014

The International Finance Corporation (IFC), a member of the World Bank Group, has signed a cooperation agreement with the Central Bank of Seychelles (CBS) to lay the foundation for leasing facilities to help small-scale entrepreneurs strengthen and expand their businesses.

IFC's Africa Leasing Facility assists in creating a legislative and regulatory environment favorable for leasing, provides capacity-building for leasing stakeholders, and mobilizes investment in the continent's leasing industry.

Caroline Abel, Governor of the CBS, said: "Leasing is particularly useful as a financial instrument for small businesses because they often lack the credit history or sufficient collateral to access traditional forms of financing. Leasing also reduces the initial capital requirements for acquiring equipment."

IFC will be providing the CBS with guidance during the drafting of the regulations to be issued, and the Bank thus expects to start accepting financial leasing license applications during the second half of this year.

IFC Country Manager for Madagascar, Mauritius and Seychelles, Kailash Sharma Ramnauth, added that: "Countries like Seychelles looking to strengthen their economies stand to benefit greatly when equipment is more accessible to small business owners, especially in the agribusiness, mining, and power sectors. With the necessary financial tools available to them, entrepreneurs in Seychelles will have the capacity to play an important role in the country's future development."

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