To support the development of climate finance in Mauritius and the region, Proparco and DEG have announced a new partnership with The Mauritius Commercial Bank Ltd (MCB) to help the bank expand its climate finance offering in Mauritius and sub-Saharan Africa.
Proparco and DEG will provide MCB with a loan of up to US$120 million to support the bank in its ambition to seize new financing opportunities for climate change mitigation, adaptation and resilience.
This new investment continues the success of AFD Group’s SUNREF lending program, which has been active in Mauritius since 2009. This transaction also marks the fourth joint operation between Proparco, DEG and MCB, testifying to the long-standing relationship between these institutions.
This new investment by Proparco and DEG ($60 million each) testifies to the confidence placed in MCB and its active role in supporting the transition of Mauritius and the African continent to low-carbon, resource-efficient and climate-resilient economies.
For Alain Law Min – Managing Director of MCB Ltd, this new partnership will help finance climate projects: “This $120 million facility over 10 years further consolidates our relationship. This line of credit will finance climate projects in Mauritius, the sub-Saharan and Indian Ocean regions, in line with our sustainability program and ‘Success Beyond Numbers’ strategy.”
Steven Gardon – Regional Director – Southern Africa and Indian Ocean at Proparco, welcomed the signing of the agreement, stating that “Proparco is pleased to renew its partnership with MCB, and to specifically support the bank in its climate journey. This project is fully in line with AFD Group’s ambitious climate strategy, and also illustrates Proparco’s strong commitment to Mauritius and the region.”
In a statement, Michael Fischer,Director of Financial Institutions Africa at DEG, looks forward to continuing this important collaboration with MCB as a leading financial institution in Mauritius and sub-Saharan Africa: “This climate facility will be an important contribution to Mauritius achieving its climate neutrality goals and aligns perfectly with DEG’s climate and impact strategy.”
