G/SCM/N/372/SYC  
27 October  2021 
(21-8145) Page: 1/3 
Committee on Subsidies and Countervailing Measures  Original:  English  
 
  
 
SUBSIDIES  
NEW AND FULL NOTIFICATION PURSUANT TO ARTICLE XVI:1  
OF THE GATT 1994 AND ARTICLE 25 OF THE AGREEMENT  
ON SUBSIDIES AND COUNTERVAILING MEASURES  
SEYCHELLES  
The following communication, dated 10 October 2021 and received on 25 October 2021, is being 
circulated at the request of the delegation of Seychelles.  
 
_______________  
 
 
In accordance with Article 25.1 of the Agreement on Subsidies and Countervailing Measures and 
Article  XVl:1 of the GATT 1994, the Govern ment of the Republic of Seychelles wishes to notify to the 
Committee  on Subsidies and Countervailing Measures that the Republic of Seychelles has 
granted or maintained  within the meaning  of Article 1.1 of the  ASCM the following subsidies, which 
are then ex panded  upon in  the following Annexes:  
I. The Private  Sector  (MSMEs)  Relief  Scheme  
II. The Private Sector (Large Enterprises) Relief Scheme  
III. The Small  Business  Support  Fund 
It is to be noted that these subsidies are not  in contravention  of Article XVl:1 of the GATT 1994.  
I  THE PRIVATE SECTOR ( MSMEs) RELIEF SCHEME  
1 Title of program  
The Private  Sector (MSMEs)  Relief  Scheme.  
2 Period covered by the notification   
As at 30 June 2021.  
3 Policy  objective  and/or  purpose  
The Private  Sector  (MSMEs)  Relief  Scheme is  a credit  facility  set up by the Central  Bank of Seychelles  
(CBS)  to enable businesses to cope with the financial impacts of the COVID -19 pandemic, including 
amendments  to relevant  legislative frameworks, adjustment  in the  Monetary Policy  Rate, setting 
up of a credit  facility  to assist affected individuals and businesses with their cash flow, moratorium 
and rescheduling of loan  facilities, introducing a new policy allowing CBS to  buy-back and re -sell 
government securities, and the  strategy on  the use of our foreign  exchange  reserves.  G/SCM/N/372/SYC  
- 2 - 
  4 Background  of authority  
The assistance is financed by the CBS and will be administered by the commercial banks (Absa Bank  
(Seychelles) Ltd, Mauritius Commercial Bank (Seychelles) Ltd. Bank of Baroda, Nouvobanq, 
Seychelles  Commercial Bank, Al Salam Bank Seychelles Ltd and Bank of Ceylon), the Development 
Bank of Seychelles (DBS)  and the Seychelles  Credit  Union  (SCU).  
5 Form 
Financing is in the form of overdrafts or term loans with a fixed interest rate of 1.5% per  year, 
as well as  an 18 -month moratorium as a maximum on principal and interest repayment for 
loans. The maximum  repayment  period  is 8 years  for the term  loans,  inclusive  of the approved  
moratorium  period  for loans.  
6 To whom  and how the assistance  is provided  
The assistance is provided to individuals and businesses in the Micro, Small and Medium 
Enterprise  category,  (i.e., business  with a sales turnover  of SCR25  million  or less),  affected  by the 
COVID -19 pandemic.  
7 Amount  
The total subsidy  disbursed  to this scheme  for the period  as at 30 June 2021  is SCR 500 million.  
8 Duration  
This scheme  is expected  to be available  until end-December 2021.  
II  THE PRIVATE SECTOR RELIEF (LARGE ENTERPRISES) SCHEME  
1 Title of program  
The Private  Sector (Large  Enterprises)  Relief  Scheme.  
2 Period  covered  by the notification   
As at 30 June 2021.  
3 Policy  objective  and/or  purpose  
The Private Sector (Large Enterprises)  Relief Scheme is a credit facility set up by the Central Bank 
of Seychelles  (CBS)  to enable  businesses  to cope with the financial  impacts  of the 
COVID -19 pandemic.  
4 Background  of authority  
The assistance  is financed  by the CBS and will be  managed  by the commercial  banks,  Mauritius  
Commercial Bank (Seychelles) Ltd. Bank of Baroda, Nouvobanq, Seychelles Commercial Bank, 
Al Salam  Bank Seychelles Ltd and  Bank of Ceylon.  
5 Form  
Financing  is in the form of overdrafts  or term loans with a fixed interest rate of 4.5% per year, as 
well as  an 18 -month morato rium as a maximum on principal and interest repayment for loans. 
The maximum  repayment period  is 8 years  for the  term loans,  inclusive  of the approved  
moratorium  period  for loans.  
6 To whom  and how the  assistance  is provided  
The assistance is provided to  individuals and businesses falling in the Large Enterprises category, 
i.e., businesses  with a sales turnover  of above SCR  25 million,  affected  by the COVID -19 pandemic.  G/SCM/N/372/SYC  
- 3 - 
  7 Amount  
The total subsidy  disbursed  to this scheme  for the period  as at 30 June 2021  is SCR 750 million.  
8 Duration  
This scheme  is expected  to be available  until end-December 2021.  
III  THE SMALL BUSINESS SUPPORT FUND  
1 Title of program  
The Small  Business  Support  Fund.  
2 Period  covered  by the notification   
As at 30 June 2021.  
3 Policy  objective  and/or  purpose  
The Small Business Support Fund helps small businesses registered in Seychelles and 100% owned 
by Seychellois by providing financing to eligible Micro and Small Businesses (with an annual turnover 
of less  than SCR 2  million)  affected  by the COVID -19 pandemic.  
4 Background  of authority  
The assistance is administered by the Government in collaboration with the Seychelles 
Chambers of  Commerce  & Industry (SCCI). This is financed by the Government of Seychelles and 
will be administered  by committee  in partnership  with the Development  Bank of Seychelles  (DBS).  
5 Form  
Financing  is in the form of a loan facility.  
6 To whom  and how the assistance  is provided  
The assistance  is provided  to small  100%  Seychellois -owned  businesses  registered  in Seychelles  
which:  
• have an annual  turnover  of less than SCR 2  million  on average  for the past two years;  
• are registered  Seychellois  businesses  engaged  in trading  or commercial  activity;  
• have been established  before  1 March 2020;  
• are a going  concern  and neither  in bankruptcy,  liquidation  or similar; and  
• have been adversely  affected  by the COVID -19 pandemic.  
7 Amount  
The total subsidy disbursed to the Small Business Support Fund for the period as at 30 June 2021 is  
SCR 100,000.  
8 Duration  
This is an annual  scheme,  subject  to yearly  reviews.  
__________