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Sustainable Financing In Africa: Three Major Cooperation Agreements Signed With The Mauritian Authorities

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The Bank of Mauritius and the Economic Development Board (EDB) have jointly organized an international conference on sustainable finance in Africa at the Hilton Mauritius Resort and Spa on 26 and 27 February 2024.

The conference brought together senior local and international representatives from central banks, investment promotion institutions, development agencies, international organizations, and the financial sector, among others.

The conference was officially opened by Dr Renganaden Padayachy, Minister of Finance, Economic Planning and Development of the Republic of Mauritius, to an audience of over 200 delegates. In his opening speech, Dr Renganaden Padayachy stated: “There is no doubt that sustainable finance is not only the future of global investment, but more importantly, the future of Mauritius. With robust economic growth and an unwavering commitment to social and environmental protection, Mauritius combines opportunity with responsibility in the marketplace”.

international conference on sustainable finance in Africa

Highlighting the historic cooperation between Mauritius and France, the opening ceremony was attended by guest of honor Rémy Rioux, Managing Director of the Agence Française de Développement (AFD) and Chairman of Finance, en commun. His visit to Mauritius saw the signing of three major cooperation agreements with the Mauritian authorities.

The main objective of the first cooperation agreement, the “Convention de Partenariat FEXTE Tripartite“, is to carry out hydrological studies in Rodrigues to improve the management of groundwater resources. The signatories to this agreement were Dr. Renganaden Padayachy, Minister of Finance, Economic Planning and Development of the Republic of Mauritius, and Mr. Johnson Roussety G.O.S.K., Chief Commissioner of Rodrigues on the Mauritian side, Rémy Rioux, Chief Executive Officer of the AFD Group and Chairman of Finance en commun, His Excellency Frédéric Bontems, French Ambassador to Mauritius, representing the AFD, and Catherine Bonin, Director of Innovation and Commercial and International Activities at the Bureau De Recherches Géologiques Et Minières, highlighted the project’s cross-functional nature.

The second agreement, the “Adapt’Action” Memorandum of Understanding, signed by Dr. Renganaden Padayachy, Minister of Finance, Economic Planning and Development and the Honorable Mahendranuth Sharma Hurreeram, Minister of National Infrastructures and Community Development for the Mauritian side, aims to accelerate the implementation of the Paris Climate Agreement in Mauritius.

Finally, the third Memorandum of Understanding will allow the Bank of Mauritius to benefit from the expertise of the Agence Française de Développement in drawing up an action plan and working methodology for the greening of the financial system. By joining forces, both parties share the ambition of accelerating the transition to a more responsible economy in Mauritius and on the African continent.

international conference on sustainable finance in Africa

In his speech, the Governor of the Bank of Mauritius, Harvesh Seegolam, emphasized that: The issue of climate change is now an integral part of the strategy of the Bank of Mauritius. As a concrete expression of our growing commitment, the Bank’s Climate Change Centre has been working in a concrete and structured way towards the greening of the Mauritian banking system since October 2021,” he said.

He also stated that, over the course of the two-day conference, the various presentations, speeches, and discussions highlighted the fundamental role of the banking system and investment in accelerating the transition to a more responsible economy on the African continent, and in financing our Climate Change Agenda.

“As the national development and economic promotion agency of Mauritius, the EDB is facilitating the implementation of several renewable energy projects with a total output of over 500 MW, in the fields of solar, wind, storage and biomass. The realization of these projects would require an investment of more than 650 million Euros”. This is how Ken Poonoosamy, Managing Director of the Economic Development Board, pragmatically summed up the contribution of such initiatives to Mauritius and the region.

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