R10m UNDP grant to develop circular economy sector   By Marla Simeon |08 August 2022

Minister Ferrari speaking during the press briefing (Photo: Kurtrine Albert)

Seychelles has received a sum of US $705,000,which is around R10 million, from the United Nations Development Programme (UNDP) to develop its circular economy sector, Minister Jean François Ferrari said on Friday.

Speaking during a press briefing at his office at Maison Collet, the Minister for Fisheries and the Blue Economy explained that the circular economy is a concept that is currently being discussed and implemented around the world but which is still new for Seychelles.

The circular economy is a model of production and consumption, which involves transforming, reusing, repairing, refurbishing and recycling waste materials and products to be sold and used for a long time. It is a way to prolong the life cycle of products and reduce waste.

“Through the process of development and production a lot of waste is produced and are left around and as a country we have to find ways to put these waste to good use,” Minister Ferrari said.

He said they are calling on business-oriented individuals to come up with innovative ideas to use and transform different waste into worthy items and recycled products that can earn them a livelihood.

“We sought the assistance of the UNDP for that and the money that we have secured will be managed by the blue economy department and it will be used to help our people develop their business ideas to transform the different waste materials.  We will seek the technical expertise of consultants in circular economy to assist us as we have to train people to enter this business sector,” Minister Ferrari explained.

He also said that his ministry is looking into setting up a seed capital scheme from the money received to help people get a head-start to develop their innovative ideas and turn them into projects.

He went on to point out that the project is for a two-year period and during that time we also have to establish relations with different international organisations that can provide more funding in the future to help us assist more of our people who want to do a small business in the  circular economy sector.

Marla Simeon