President Herminie, who beat incumbent Ramkalawan 52.7% to 47.3% in the October 2025 run-off, is prioritising housing, land reclamation and digitalisation. The 2026 budget sets spending at SCR 11.84bn with a 1.5%-of-GDP primary surplus; Fitch affirmed BB (stable) in September 2026.
What a Korean company can do now
Government · leader
President Patrick Herminie (United Seychelles; won Oct 2025 run-off; head of state and government)
Key national agenda
- Affordable housing: 200+ houses and 120+ apartments in 2026
- Land reclamation phase 1: 570,000+ m2 and three new islands
- Digital government: 75% of services online by 2028
- Renewable Energy Acceleration Programme and rooftop solar
- Cut public debt to 50% of GDP by 2030
- National e-procurement system (tendering to launch in 2026)
Government programmes
2026 national budgetSpending SCR 11.84bn
Spending SCR 11.84bn, revenue incl. grants SCR 12.28bn, primary surplus SCR 550m (1.5% of GDP), 2026 growth forecast 3.3%.
Land reclamation phase 1Phase 1 SCR 273m (allocated)
Reclaim 570,000+ m2 to create three islands; SCR 273m for phase 1 (SCR 54m rock armouring in 2026), remainder via private partnerships.
Affordable houses and apartmentsSCR 489m (2026)
SCR 489m for 200+ houses and 120+ apartments in 2026; mid-range condominiums on Ile Perseverance opened 7 Oct 2026.
Renewable Energy Acceleration Programme (REAP)US$35m (support)
US$35m from the World Bank and Green Climate Fund, implemented by PUC.
Government digitalisation programmeSCR 325m (3 years)
SCR 325m over 2026-2028, incl. SCR 40m for IFMIS and SCR 38m for e-invoicing.
World Bank Solid Waste Management ProjectUS$5m (approved)
Expands waste disposal capacity incl. Providence landfill; closes Nov 2028.
Business opportunities
Coastal reclamation EPC and PPP participation
🔒 Why-now and buyers — analysis member ₩19,800/mo
E-government, e-procurement and e-invoicing solutions
🔒 Why-now and buyers — analysis member ₩19,800/mo
Open this week
Island solar+ESS systems
REAP and rooftop solar on government buildings are under way.
PUC, energy ministry
Modular and prefabricated housing
🔒 Why-now and buyers — analysis member ₩19,800/mo
Free members get a human-reviewed summary by email for up to 3 countries a month (sent within 24h). BUILD members get them all.
Tenders
- Procurement of materials for the expansion of the Providence Landfill · Ministry of Environment, Climate, Energy and Natural Resources - Programme Development Coordination Section · Deadline 2026-11-20
Korean support schemes
- World Bank procurement · World Bank — Waste and renewable energy projects are World Bank-financed, so Korean firms can join international competitive bidding.
- SME Export Voucher · Korea SMEs and Startups Agency — Voucher support for overseas marketing, translation, certification and consulting for Korean SMEs.
- K-SURE short-term export insurance and project guarantees · Korea Trade Insurance Corporation — Covers buyer non-payment and country risk, and guarantees overseas project finance.
Official notices
- 2026-10-09 President launches a new land reclamation programme
- 2026-10-07 President inaugurates mid-range condominiums on Ile Perseverance
- 2026-09-23 President addresses the 81st UN General Assembly
- 2026-08-17 President's maiden address at the 46th SADC Summit
Disaster · conflict · epidemic
Stable 2026-11-07
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Earth & space
Credit rating · FX
Fitch BB (stable, affirmed 4 Sep 2026) / S&P and Moody's unverified · K-SURE Unverified · SCR
Sanctions
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Not subject to any country-level UN, US, EU, UK or Korean sanctions programme.
Sources
- Seychelles 2026 Budget Speech (Ministry of Finance)
- Ministry of Finance - Fitch affirms Seychelles at BB
- State House Seychelles - Speeches
- Daily Mirror - Herminie wins presidential run-off
- Nation.sc - President Herminie State of the Nation Address 2026
- World Bank - Seychelles Solid Waste Management Project
