The African Development Bank (AfDB) partnered with the Seychelles Enterprise Promotion Agency (SEnPA) and the University of Seychelles to train micro, small and medium enterprise (MSME) development to business owners in Seychelles.
The training under the AfDB’s Seychelles MSME Development Project saw a total of 509 MSME owners and aspiring entrepreneurs graduate and receives certificates of participation for attending a two-day business development course.
Participants were trained on how to identify business opportunities; prepare business plans; businesses registration procedures; negotiation skills and to have an understanding of what it takes to be a successful entrepreneur.
By providing entrepreneurial skills and addressing access to finance, the Project seeks to enhance the growth of MSMEs in Seychelles.
Wallace Cosgrow, Minister of Employment, Entrepreneurship Development and Business Innovation in Seychelles highlighted the need for education and training to change mindsets and customs and as a prerequisite for business innovation.
The business development project is formulating a MSME development strategy and building capacity for the Small Business Finance Agency (SBFA), an independent credit facility that provide micro loans; and SEnPA, which trains and builds capacity for MSMEs in Seychelles.
SBFA and SEnPA are the two government agencies tasked with promoting MSMEs in the country.
The Seychelles MSME Development is supported by a $1 million grant from the AfDB’s Fund for Private Sector Assistance (FAPA).
It is in line with the Bank’s strategy for supporting the private sector in Seychelles and the 2016 Seychelles MSME Policy which focuses on entrepreneurship, education and MSME development through capacity building towards a knowledge-based society to tackle challenges of a globalized economy and overcome the country’s domestic challenges when operating businesses.
In an effort to promote entrepreneurship among the youth, secondary year students of Mont Fleuri High School were invited to attend the course as observers.
“We need to encourage innovation from a young age, the current education system is preparing our children to become employees. We need to change this,” the SEnPA CEO said.
The government of Seychelles has committed to the project by allocating the required budget to enable the continuation of the course to benefit more aspiring entrepreneurs and small business owners.