Progress report for
Investing in Seychelles' Blue Future
Achievement at a glance
SeyCCAT is now in its third year of financing projects under the Blue Grants Fund, utilising proceeds from both the Seychelles marine debt-for-nature swap and the Seychelles' sovereign blue bond. In the first call, SeyCCAT focused on empowering the fisheries sector and disbursing approximately US$ 286, 500 to local non-governmental orgnanisations. As of 2019, SeyCCAT now has US$ 700,000 available for disbursement. In the second call for proposal, SeyCCAT is financing seven projects totalling approximately, US$ 374,300. In the third call for proposal, a record-breaking number of projects has been selected for funding. In the third year, we are now financing twenty-one projects totalling approximately US$ 889, 000. Local communities, young entrepreneurs, women-led organisations and government bodies have benefited from these three years of disbursement for work supporting the fisheries sector, marine protected areas and sustainable use zone, addressing the impacts of climate change and supporting the Seychelles' blue economy. More on these projects here: https://seyccat.org/projects/#on-goingChallenges faced in implementation
Following two years of financing, the organisation became acutely aware that to increase the uptake of funds, there was a need for investments in education and capacity-building both substantively and how to access finance. In the third year, capacity-building sessions were held which led to a record number of applications equating to a request amount of more than double the funds that SeyCCAT has available. Hence, another challenge the Trust is facing is mobilising more resource to meet the interest of stakeholders to contribute to Seychelles' blue future.Beneficiaries
Blue finance is inclusive and beneficiaries have included artisanal fishers (especially, with the proceeds of the Blue Bond), non-governmental organisations, young entrepreneurs and women-led organisations and government bodies and parastatals.