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Seychelles is undertaking an investment in the framework of the South West Indian Ocean Fisheries Governance and Shared Growth Program (SWIOFish). SWIOFish is a long term regional program of the World Bank that aims to increase the economic, social and environmental benefits for the countries of the South West Indian Ocean from sustainable marine fisheries.
Within this program, Seychelles is implementing the Third South West Indian Ocean Fisheries Governance and Shared Growth Project (SWIOFish3). SWIOFish3, which is financed primarily by the World Bank and the Global Environment Facility (GEF), is supporting country-level investments over six years. The project is further financed by proceeds of the World’s first sovereign Blue Bond, which are being used to capitalise the Blue Grants Fund (BGF) of the Seychelles Conservation and Climate Adaptation Trust (SeyCCAT) and a loan facility, the Blue Investment Fund (BIF), administered by the Development Bank of Seychelles (DBS).
To improve management of marine areas and fisheries in targeted zones and strengthen fisheries value chains in Seychelles.
The first component supports the Government of Seychelles in implementing its pledge to protect an increasing share of its maritime space. It builds on the marine spatial planning initiative through management planning and monitoring of sustainable-use zones for biodiversity protection and climate change adaptation. A milestone was achieved in 2020 with the protection of 30% of the exclusive economic zone.
The second component focuses on national fisheries management. The key fisheries management initiative is the Mahé Plateau Trap and Line Fishery Co-Management Plan. This component targets mainly the implementation of this plan, as well as on the other management initiatives. It reinforces the sector’s governance by an array of targeted investments.
The third component supports finance the sustainable development of the Seychelles blue economy such as investment in post-harvesting, services and aquaculture. This component compensate fishers for any reduced access to the resource resulting from marine and coastal resource management measures implemented under the first two components and foster adherence to the management agenda.
The last component supports the coordination and implementation of the project. It supports the operation of the Project Implementation Unit (PIU) and Steering Committee (SC).
The SWIOFish3 project supports the Government of Seychelles to achieve its dual objectives of marine resources conservation and expansion of the seafood value chains. Seafood value chains are a cornerstone of the country’s blue economy strategy and their expansion is expected to deliver long-term, resilient growth, jobs and food security and this is the focus of component 3. However, this development will not be sustainable if their marine resource base is not properly managed, which is supported by components 1 and 2. Because marine and coastal resource management will potentially translate into reduced access to the resource, component 3 provides opportunities for investment in post-harvesting and service components of the fisheries value chain, thus offsetting socioeconomic impacts and fostering adherence to the management measures.
