AGP Executive Report

Seychelles Economic Boost: The African Development Bank has approved a $34m loan for Seychelles’ Economic Resilience and Green Recovery programme, the third phase of support since 2024, targeting economic governance, a better business environment and climate resilience, with digital public financial tools like e-invoicing and e-procurement. Crypto Court Watch: Canada’s Supreme Court will review whether an Ontario court had jurisdiction to freeze and manage bitcoin in an alleged fraud case, where investigators traced BTC to a Seychelles-linked company. Tourism Connectivity: Seychelles says tourism is adapting after Middle East aviation disruptions, noting that around 60% of visitors connect via Doha, Dubai or Abu Dhabi and route stability is now a key resilience lesson. Regional Trade & Competition: Turkish and African competition authorities met in Istanbul to discuss cooperation on competition law and policy. Finance & Markets: Bitget resumed withdrawals after a major hack, with the CEO saying withdrawals stabilized after phased restarts. Business Risk & Data: A US court case highlights how mishandling data subject requests can escalate into major legal action affecting core digital assets. Corporate Deal: Diageo booked a Sh5.57bn charge tied to its sale of stakes in EABL and UDV Kenya to Asahi. Currency Snapshot: Seychelles’ rupee ranked among Africa’s stronger currencies in September, listed at about 13.82 per US dollar.

Seychelles Economic Boost: The African Development Bank has approved a $34m loan for Seychelles’ Economic Resilience and Green Recovery programme, the third phase of support since 2024, targeting stronger governance, a better business environment, and climate resilience through reforms like e-invoicing and e-procurement. Tourism & Connectivity: Seychelles says it’s learning to stay resilient as Middle East aviation disruptions test route access; with around 60% of visitors arriving via Gulf hubs, keeping routes open is now as important as keeping the destination attractive. Digital Finance in the Spotlight: Seychelles-based WOO X launched WOO X EU, built for MiCA-aligned trading with asset safeguarding and a Europe-ready setup. Crypto Risk Management: Bitget, also linked to Seychelles, resumed withdrawals in phases after a $388m hack, with customer withdrawals stabilising after an initial rush. Regional Competition Cooperation: Turkey and African competition authorities met in Istanbul to share policy and strengthen cooperation on competition law. Business Climate & Trade: The EU reported that its trade agreements are improving market access and resilience for European firms, with preferential deals supporting faster growth in agri-food exports. Currency Watch: A new Africa currency ranking puts the Tunisian dinar top and places the Seychellois rupee among the continent’s stronger performers against the US dollar. Travel Policy Signals: Passport Index data shows Seychelles among Africa’s strongest passports, reflecting growing visa-free mobility across the continent.

Seychelles Economic Boost: The African Development Bank approved a $34m loan for Seychelles to strengthen economic resilience, public services, private-sector growth and greener development, bringing total support under the programme to $84m since 2024, with reforms aimed at better governance, a stronger business environment and climate resilience plus digital upgrades like e-invoicing and e-procurement. Tourism Resilience: Seychelles says it is adapting faster after aviation disruptions exposed route dependence, noting that about 60% of visitors arrive via Gulf hubs and that the March 2026 drop in arrivals reflected connectivity shocks rather than a decline in the destination itself. Regional Mobility & Visas: Passport Index data puts Seychelles among Africa’s strongest passports, while separate reporting highlights visa-free access to the UAE for Seychellois travellers, supporting easier travel for tourism and business. Crypto & Financial Risk: Seychelles-linked Bitget news continues to ripple as the exchange resumes withdrawals in phases after a major hack, underscoring ongoing cyber risk for financial platforms. Competition Cooperation: Turkish and African competition authorities met in Istanbul to discuss closer cooperation on competition law and policy, relevant for regional trade and market fairness.

Crypto & Security: Bitget, the Victoria, Seychelles-based exchange, said withdrawals resumed in phases after a $388m hack linked to North Korean patterns, with more than 4,000 BTC (over $334m at current prices) pulled in the first hour of the restart as customers’ requests were processed. Digital Assets Regulation: WOO X officially launched WOO X EU from Mahe, built to align with Europe’s MiCA rules, with Payward Services providing custody and infrastructure for a MiCA-aligned trading venue. Tourism Resilience: Seychelles said it is keeping routes open as aviation disruptions test connectivity, citing lessons from COVID-19 and noting that around 60% of visitors arrive via Gulf hubs. Development Finance: The African Development Bank approved a $34m loan for Seychelles’ Economic Resilience and Green Recovery programme, backing economic governance, business reforms and climate resilience, with digital public financial management upgrades planned. Regional Mobility & Travel Links: UAE travel data shows Seychelles passport holders enjoy visa-free entry for up to three months, supporting tourism and business travel. Regional Disruption Watch: Mauritius denied landing clearance for an Air Seychelles flight from Israel, forcing cancellation and highlighting how diplomacy can quickly disrupt air links. Energy Cost Pressure (Africa): Reports on high petrol and diesel prices across Africa show how fuel costs can ripple into transport, logistics and household prices.

SIDS DOCK Presidency: Seychelles President Dr Patrick Herminie has been elected to lead the SIDS DOCK Assembly’s Tenth Session, with Seychelles set to take the Presidency through December 2027, aiming to push sustainable energy, climate resilience and financing priorities for small island states. Regional Diplomacy & Aviation: Mauritius denied landing clearance for an Air Seychelles flight from Israel, forcing cancellation and highlighting how political and diplomatic considerations can quickly disrupt tourism and travel links. Crypto & Financial Risk: Seychelles-based Bitget paused withdrawals after a major hack linked by investigators to North Korea’s Lazarus Group, with phased restoration planned as the exchange works to recover assets and resume services. Competition Policy: Turkish and African competition authorities met in Istanbul to strengthen cooperation on competition law and policy, reflecting growing economic ties between Türkiye and Africa. Tourism Recognition: Seychelles secured an award at the World Travel Awards Asia, Oceania & Indian Ocean Gala in the Maldives, taking “Indian Ocean’s Leading Beach Destination.” Wealth Concentration Watch: A new global wealth map shows the richest 0.1% hold more wealth than the bottom 80% in 27 countries, with Russia and South Africa leading—an inequality signal relevant to policy debates.

SIDS Leadership: Seychelles will take over the SIDS DOCK Assembly presidency through December 2027 after President Dr Patrick Herminie was elected to lead the Tenth Session, with priorities spanning sustainable energy, climate resilience, ocean governance and international financing. Crypto Security: Seychelles-based Bitget resumed withdrawals in phases after a hack that saw about $387.5m moved to attacker-controlled addresses, with CEO Gracy Chen saying private-key compromise was ruled out and funds are covered. Regional Aviation & Diplomacy: Mauritius denied landing clearance for an Air Seychelles flight from Israel, forcing cancellation; organisers cited “political and diplomatic considerations,” with reports linking the decision to Mauritius’ absence from Netanyahu’s UN address. Tourism Recognition: Seychelles picked up an award at the World Travel Awards Asia, Oceania & Indian Ocean Gala in the Maldives, winning “Indian Ocean’s Leading Beach Destination.” Trade & Markets: EU says its trade agreements are boosting exports and economic security, while India’s GRSE plans to expand shipbuilding capacity to build 32 vessels concurrently and target global markets. Mobility & Travel Access: UAE lists Seychelles as visa-free for ordinary passport holders, and Qatar offers a free 90-day tourist visa to Seychelles as the only African country on its list.

SIDS Leadership: Seychelles President Dr Patrick Herminie has taken over the SIDS DOCK Assembly presidency through December 2027, after being elected to lead the Tenth Session, with a focus on sustainable energy, climate resilience and ocean-related development. Tourism & Diplomacy: Mauritius denied landing clearance for an Air Seychelles flight from Israel, forcing cancellation after “political and diplomatic considerations” were cited by the tour operator; Seychelles’ tourism diplomacy angle also resurfaced as Herminie told the UN Seychelles is “a friend to all, and an enemy to none.” World Tourism Awards: Seychelles earned recognition at the World Travel Awards Asia, Oceania & Indian Ocean Gala in the Maldives, winning “Indian Ocean’s Leading Beach Destination.” Crypto & Security: Seychelles-based Bitget froze withdrawals after a major hack linked by its CEO to North Korean activity, with losses reported around US$351.6m–US$388m. Blue Economy Finance: A policy push argues Nigeria needs about US$10bn over 10 years to unlock its blue economy via blue carbon and ocean investment, amid high debt and fish import pressures. UN Global Finance: African leaders renewed calls for UN Security Council reform and a fairer global financial system, including more permanent seats for Africa.

SIDS Diplomacy: Seychelles President Dr Patrick Herminie joined AOSIS leaders in New York to push practical action on climate change, ocean governance, sustainable development and international financing, with focus also on COP31, the BBNJ deal and the 2027 SDG Summit. Seychelles in Global Governance: Herminie also took part in SIDS DOCK Assembly leadership, with Seychelles set to hold the presidency through December 2027, reinforcing the push for sustainable energy and climate resilience. Tourism & Mobility: World Travel Awards Asia, Oceania & Indian Ocean in the Maldives highlighted Seychelles’ win as Indian Ocean’s Leading Beach Destination, while World Tourism Day 2026 stressed that AI can redesign travel—but tourism must stay human. Regional Security & Finance: UN General Assembly debates saw African leaders call for UN Security Council reform and a fairer global financial system, warning debt and high borrowing costs are draining basic services and climate protection. Aviation Dispute: Mauritius denied landing clearance for an Air Seychelles flight from Israel, cancelling the route amid claims of “political and diplomatic considerations.” Cyber & Finance: Seychelles-based crypto exchange Bitget froze withdrawals after a hack reportedly around US$351.6m, with CEO Gracy Chen saying user funds are safe and losses are covered. Climate & Oceans: A photo exhibition in Astana linked global biodiversity stories to Seychelles’ coral recovery work under the ARC programme, reporting settlement and growth of about 65,000 young corals. Travel Policy Watch: Qatar’s free 90-day tourist visa list includes Seychelles as the only African country eligible.

SIDS DOCK Presidency: Seychelles will take over the SIDS DOCK Assembly presidency through December 2027, with President Dr Patrick Herminie elected to lead the Tenth Session, aiming to push sustainable energy, climate resilience and development for small island states. Air Seychelles Disruption: Mauritius refused landing clearance for an Air Seychelles flight from Israel, forcing cancellation after last-minute approval efforts failed; organisers cited “political and diplomatic considerations,” with no public comment from Mauritius. Blue Economy Finance: Nigeria’s blue economy faces a major capital gap—about $10bn over 10 years—while high debt servicing and $1.2bn annual fish imports strain foreign exchange; the piece argues for patient investment across shipping, fisheries, tourism and coastal infrastructure. Crypto Security Shock: Seychelles-based Bitget says it halted withdrawals after a hack involving about $351.6m, later put at roughly $388m, with CEO Gracy Chen saying user funds are safe and losses are covered; investigators point to North Korean-linked patterns. Tourism & Tech Debate: World Tourism Day 2026 in El Salvador focused on AI and digital identity, but speakers stressed tourism must stay human at its core. UN Crime & Scams: UNGA discussions urged coordinated action against online scam networks, terrorism and trafficking using cross-border digital and financial systems. Visa Mobility: Qatar’s free 90-day tourist visa list includes only one African country—Seychelles—under strict entry conditions.

Crypto Security & Finance: Seychelles-based Bitget says it has stopped customer withdrawals after unauthorized transfers linked to a suspected North Korean-linked hack, with losses put at about $351.6m and user funds covered by its protection fund; Bitget says private keys weren’t compromised and the intrusion method is still under investigation. Aviation & Tourism: Mauritius refused landing approval for an Air Seychelles flight from Israel, forcing cancellation and raising claims of political drivers that disrupted passengers. Global Debt & Development: African leaders at the UN warned that debt repayments and high borrowing costs are squeezing health, education, infrastructure and climate spending, calling for fairer global finance and better access to long-term investment. UN Governance Push: Seychelles and other African leaders renewed calls for UN Security Council reform, including at least two permanent seats for Africa. Seychelles Diplomacy: President Patrick Herminie told the UN that Seychelles is “a friend to all, and an enemy to none,” framing non-alignment as an active choice for peace. Agriculture & Food Systems: A Seychelles agriculture piece highlights the need for resilient seed and planting material systems, given heavy reliance on imported vegetable seeds. Regional Mobility: A visa openness report shows intra-African travel still faces barriers, with some countries tightening visa rules while a few expand visa-free access. Business & Markets: Baazex, a Seychelles-registered trading platform, announced expansion into Asian markets with a focus on simpler online forex trading. Maritime Presence: Russia’s Baltic Fleet training ship Perekop made its first business call to Victoria, Seychelles.

Crypto Security: Seychelles-based Bitget froze withdrawals after a suspected hack, saying unauthorized transfers of about $351.6m were detected from hot/warm wallets; CEO Gracy Chen says user funds are safe and losses are covered by Bitget’s User Protection Fund, while investigators point to North Korean-linked VPN IP patterns. UN Diplomacy & Finance: African leaders at the UN General Assembly renewed calls for UN Security Council reform, including at least two permanent seats for Africa, and pushed for a fairer global financial system. China–Indian Ocean Ties: A report says China’s growing footprint across Indian Ocean island states—via infrastructure, diplomacy and maritime security—has expanded Beijing’s regional influence, with Seychelles highlighted. Tourism Mobility: Qatar’s free 90-day, multi-entry tourist visa list includes only one African country—Seychelles—while Thailand tightened visa-free entry rules, cutting the old 60-day scheme to a 30-day stay for 60 countries. Regional Climate & Food Security: A Seychelles-focused analysis warns climate change is worsening food insecurity across SWIO small island states, with Mauritius used as a case study. Maritime Presence: Russia’s Baltic Fleet training ship Perekop made its first port call in Victoria, Seychelles, for a business call and cadet training. Hospitality Business: Minor Hotels’ Middle East & Africa COO Amir Golbarg discussed how AI is reshaping booking journeys and how the group is repositioning for growth across the region.

Crypto Security Shock: Seychelles-based Bitget says North Korean-linked hackers stole about US$351.6m–$388m from hot wallets, froze withdrawals, and insists user funds are safe and covered by its User Protection Fund. UN Diplomacy & Peace: President Patrick Herminie tells the UN Seychelles is “a friend to all, enemy to none,” reviving the island’s tourism-style non-alignment as potential soft-power for peace talks. Seychelles in Global Governance: Herminie also backs Africa’s push for at least two permanent UN Security Council seats with veto power, citing maritime security, illegal fishing, and climate risks. Regional Mobility & Tourism: A UN-backed push for visa-free travel is gaining momentum across Africa, while Seychelles’ own diplomacy highlights easier movement as a business and tourism bridge. Agriculture Resilience: A Seychelles agriculture piece focuses on seed and planting material security, arguing for stronger systems to protect imported seed quality and local planting materials. Local Business & Sport: Autosport Seychelles urges Corporate Seychelles to turn FIA-linked international motorsport access into local opportunities for youth and officials.

Crypto Security in Focus: Seychelles-based Bitget says it detected unauthorised transfers from hot/warm wallets on Sept 24, losing about US$351.6m, and has temporarily suspended customer withdrawals as a security precaution while deposits and trading continue; CEO Gracy Chen says user funds are safe and the loss is covered by Bitget’s User Protection Fund (over US$464m), with investigators pointing to North Korean-linked activity via VPN-linked IP patterns. Regional Investment Sentiment: An eToro survey of UAE retail investors finds optimism rising despite geopolitics, with 82% expecting the UAE stock market to grow over the next 12 months. Seychelles Business & Finance: Baazex, a Seychelles-registered licensed trading platform, announces expansion into Asian markets with a “simplicity and transparency” push for online forex and multi-asset trading. Maritime & Ocean Governance: World Maritime Day prompts renewed debate on whether “blue economy” rhetoric is matched by real policy; separately, the High Seas Treaty’s entry into force raises the question of whether protection will come with funding and enforcement. Tourism Mobility: A WION summit session highlights visa facilitation and mobility as a driver for tourism and business links, with Seychelles’ high commissioner to India among speakers.

Crypto Security & Finance: Bitget says about $351.6m was moved from its hot wallets after “unauthorized transfers” were detected on Sept 24, with emergency protocols activated; the Seychelles-based exchange says it will account for funds transparently. Seychelles Tourism & Trade: The Seychelles Tourism Board wrapped up GlobeMeets 2026 in Istanbul with 65 B2B meetings, pushing Seychelles beyond honeymoons and highlighting island-hopping, plus sharing local DMC contacts. Regional Energy & Industry: A SADC “just steel transition” push is gaining traction, with research pointing to a potential green iron corridor using renewable power and green hydrogen across southern Africa. Mobility & Visas: At a tourism diplomacy forum, Seychelles’ High Commissioner to India backed visa facilitation and stronger air links as a way to grow tourism and business ties. Ocean Governance: The BBNJ (High Seas Treaty) entered into force in January, but the real test now is funding, institutions and capacity to protect biodiversity beyond national waters. Seychelles in UN Reform Talks: President Patrick Herminie told the UN General Assembly that Africa should get at least two permanent Security Council seats with veto power, linking reform to maritime security and climate action. Local Health: A Seychelles school survey flags growing adolescent dietary problems, including lunch skipping, take-away reliance and high sugar intake.

Crypto & Trading Markets: BitMEX has shut down after 11 years and is now charging verified users $50/month (or 1% of assets annually) for balances left behind, while withdrawals remain open. Seychelles Finance & Regulation: Baazex, a Seychelles-licensed broker (FSA SD134), is expanding into Asian markets with a “simple and transparent” online forex model and access to 1,000+ instruments. Tourism & Mobility: At the WION Iconic Tourism Summit, Seychelles’ High Commissioner highlighted how easier visas and better air links can boost tourism, business and education ties. Seychelles UN Diplomacy: President Patrick Herminie told the UN General Assembly that Africa should get at least two permanent Security Council seats with veto power, citing maritime security, illegal fishing and climate risks. Ocean Governance: The High Seas Treaty/BBNJ entered into force, but the real test now is funding, institutions and enforcement to protect biodiversity beyond national waters. Seychelles Tourism Board: STB strengthened trade links at GlobeMeets in Istanbul, booking 65 B2B meetings and pushing island-hopping and FAM trips for 2027 planning. Blue Economy Finance: India’s proposed maiden blue bond under Sagarmala aims to fund maritime projects and deepen ocean-economy financing. Local Environment Capacity: SPGA completed a week-long Ridge to Reef programme training staff to monitor mangroves, reefs and seagrass corridors. Air Services Treaties: Australia’s JSCOT opened inquiries into air services agreements that would elevate existing routes with Oman and Seychelles; submissions close 29 September.

UN General Assembly: More than 130 heads of state opened the 81st UN General Debate in New York, with US President Donald Trump again threatening Iran and speeches also expected to focus on Middle East and Ukraine wars, AI and UN finances. Seychelles & UN reform: President Patrick Herminie urged Africa to secure at least two permanent UN Security Council seats with veto power, while highlighting threats to island states from illegal fishing, drug trafficking and organised crime. Indian Ocean security: East African states backed a Djibouti Code of Conduct plan for a regional anti-piracy task force covering the Gulf of Aden and Western Indian Ocean. Tourism connectivity: Condor will run its Frankfurt–Seychelles route year-round, ending a seasonal gap and restoring continuous direct access. Aviation policy: Australia’s JSCOT opened submissions on air services agreements with Oman and Seychelles, aimed at boosting trade and tourism links. Local health: Seychelles adolescents face rising dietary pressures, including lunch skipping and high sugar intake, according to a 2025 school health survey. Coastal monitoring: SPGA completed a week-long training programme to strengthen scientific and socio-economic monitoring of mangroves, reefs and seagrass corridors. Business & trade: dnata Travel Group signed 12 new partnerships at ATM 2026, expanding cruise, hotel distribution and travel technology offerings.