Private sector individuals and companies involved in fishing, fish processing, logistics, refrigeration, and other peripheral activities within the fisheries sector were introduced to the concept of Blue Finance at an Investor’s Meeting held at Savoy Resort & Spa, on Wednesday 10th July 2019.
This meeting was organized by the Seychelles Investment Board (SIB) together with the Seychelles Conservation and Climate Adaption Trust (SeyCCAT) and Development Bank of Seychelles (DBS), under the theme “Investing in the transition to Sustainable Fisheries”. The aim of the meeting was to discuss and learn about financing and business opportunities in the Blue Economy, and to introduce private sector representatives and investors to the available funding through the Blue Investment Fund.
After the opening address by Secretary of State for Finance, Trade, Investment and Economic Planning Mr. Patrick Payet, several presentations ensued. Mr. Jan Robinson, project manager from SWIOFISH outlined the need for transitioning to sustainable fisheries, introduced the concept of Blue Finance and the two types of funding available for individuals and companies wanting to invest into sustainable fisheries. Ms. Angelique Pouponneau, Chief Executive Officer of SeyCCAT presented the Blue Grant Fund and explained how applicants can apply for either the small-medium grants of up to SCR 100,000 or large grants of between SCR 100,000 to SCR 1,000,000. The basis of this grant is to provide support to businesses who have a core focus in marine conservation.
The second source of funding available is the Blue Investment Fund (BIF). Ms. Stephanie Vengadasamy from DBS explained that this loan scheme is to assist the progress of the implementation of fisheries management through economic diversification and sustainability. Applicants can apply for up to Scr 700,000 to Scr 42 million.
After the presentations, invitees were invited to participate in a question and answer session, followed by networking over breakfast and refreshments.
The meeting was concluded by Principal Secretary for Investment Mr. Michael Nalletamby.