Mahé, Republic of Seychelles, November 11, 2011
—IFC, a member of the World Bank Group, signed an agreement to help the Seychelles develop financing solutions for energy efficiency, renewable energy, and cleaner production.
The Seychelles is resolved to reduce the country’s dependence on fossil fuels. Cleaner production means using resources such as raw materials, electricity and water more efficiently to minimize waste. In the long term, increased efficiency can mitigate the consequences of climate change. Cleaner production is expected to increase employment in the tourism and fish-processing sectors, the most important ones in the Seychelles economy.
“This strategically important initiative demonstrates the government’s commitment to a sustainable tourism industry, and also will have a favorable impact on public funding,” said Danny Faure, Vice President and Minister of Finance of Seychelles.
The Seychelles resource efficiency program, managed by the IFC Cleaner Production Advisory Services Program, also will advise local banks and financial institutions on how to improve access to finance for local companies wanting to invest in cleaner production.
“This clean energy initiative encourages entrepreneurship and job creation,” said Jean Philippe Prosper, IFC's Regional Director for East and Southern Africa. “The IFC Resources Efficiency Program demonstrates innovative ways to improve livelihoods and foster sustainable development.”
IFC promotes sustainable private sector investment in developing countries, helping to reduce poverty and to improve people's lives. Part of IFC's sustainability agenda includes a focus on assisting the implementation of sustainable and cost-effective resource efficiency measures.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
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