Victoria, Seychelles, April 29, 2014
– IFC, a member of the World Bank Group, today signed cooperation
agreement with the Central Bank of Seychelles to lay the foundation for
leasing facilities to help small-scale entrepreneurs strengthen and expand
Leasing is an innovative financing solution for small enterprises that
often lack the credit history or sufficient collateral required by most
banks to finance the necessary equipment to heighten productivity.
Caroline Abel, Governor of the Central Bank of the Republic of Seychelles,
said, “Leasing is particularly useful as a financial instrument for small
businesses in Africa because they often lack the credit history or sufficient
collateral to access traditional forms of financing. Leasing also reduces
the initial capital requirements for acquiring equipment.”
IFC’s Africa Leasing Facility assists in creating a legislative and regulatory
environment favorable for leasing, provides capacity-building for leasing
stakeholders, and mobilizes investment in the continent’s leasing industry.
IFC Country Manager for Madagascar, Mauritius and Seychelles, Kailash Sharma
Ramnauth, said, “Countries like Seychelles looking to strengthen their
economies stand to benefit greatly when equipment is more accessible
to its small business owners, especially in the agribusiness, mining and
power sectors. With the necessary financial tools available to them, entrepreneurs
in Seychelles have the capacity to play an important role in the country’s
Over the past five years, IFC’s Africa Leasing Facility has trained more
than 10,000 small business owners through almost 250 training sessions,
assisted in the passage of 16 legal, regulatory and tax laws regarding
leasing, and mobilized investment in five leasing projects in Sub-Saharan
Africa worth almost $27 million.
The ALF II program is supported by the Swiss State Secretariat for Economic
Affairs, SECO, Austria, Denmark, Japan, the Netherlands, and Sweden. For
more information on IFC’s Africa Leasing Facility, please visit: www.ifc.org/africaleasing.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in more than 100 countries, we use our capital, expertise,
and influence to help eliminate extreme poverty and promote shared prosperity.
In FY13, our investments climbed to an all-time high of nearly $25 billion,
leveraging the power of the private sector to create jobs and tackle the
world’s most pressing development challenges. For more information, visit