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Title:
Mauritius - Mauritius Commercial Bank (MCB)
Detail:
This project concerns the provision of a subordinated debt (Sub-debt) facility of up to USD 147 million to the Mauritius Commercial Bank (MCB). The facility will help MCB strengthen its capital adequacy position going forward, anchoring MCB’s planned fundraising initiatives to finance a strategic expansion program in Mauritius and Africa that includes funding of High 5 aligned projects and programs. MCB proposes to deploy the bulk of the financing towards growing its Pan-African and regional banking activities, specifically trade financing activities in up to 24 African countries. The proposed support to MCB is expected to enable it to grow its loan and trade financing support activities by more than MUR 4.5 billion over the period 2023 to 2025, enabling it to support the creation of more than 120,000 direct jobs from both the portfolio growth and at sub-project level. MCB itself is projected to create about 1,600 new jobs as it expands its activities, of which at least 780 will be for women. The project contributes to climate finance, with 37 million USD of the total approved amount dedicated to mitigation.
Country:
Mauritius
Source:
African Development Bank Group
Published Date:
07.03.2023
URL:
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Regions:
Africa Southern Africa Sub-Saharan Africa
Sectors:
Banking-Finance-Insurance Construction Computer Hardwares and Consumables Marine
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