AfDB extends funds for Mauritius Commercial Bank

mauritius  Ashok PrabhakaranThe African Development Bank (AfDB) has approved funds worth US$120mn multi-sector line of credit (LOC) and US$30mn subordinated debt to the Mauritius Commercial Bank (MCB)

This financing will allow MCB to increase its foreign currency lending to medium- and large-sized enterprises operating in Mauritius, neighbouring countries and mainland Africa.

The proposed funds will be expected to help MCB meet its foreign currency funding requirements and strengthen its capital base as it implemented plans for continued continental business growth.

It will enable MCB to channel long-term project finance to AfDB regional member countries where it is involved or through participation in syndicated deals with a focus on projects that meet green growth and inclusive growth criteria in key sectors.

The proposed facility is also aligned with Mauritius’ 2012-2015 government strategy which aims to increase and diversify private sector and financial sector development.

The funds will also be expected to have positive impact on private sector development and job creation alongside increasing taxes and government revenues across the continent, particularly in eastern and southern Africa.

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