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AFD grants €75M green credit to MCB and SBM

Oct 10, 2018, 05:00 AM by User Not Found

The AFD has granted a new green line of credit to MCB Ltd and SBM Bank (Mauritius), in the wake of the 3rd phase of the SUNREF programme in Mauritius: SUNREF Mauritius. This new edition is even more ambitious than the previous two lines. In addition to continuing to support mitigation of climate change projects, the programme now also intends to finance adaptation to climate change projects, as well as projects promoting gender equality.

SUNREF is the “green finance” label of the AFD. In Mauritius, SUNREF mobilises AFD’s banking partners, MCB and SBM, as well as private sector operators, in an inclusive manner, in order to foster green and inclusive growth, whilst enhancing the resilience of the country to the adverse impacts of climate change. 

Following the success of the first two SUNREF green lines of credit, spanning between 2009 and 2017, AFD proactively embarked on a renewed partnership with the partner banks,MCB and SBM. Mr.P. V.Rao, Acting CEO of SBM Bank(Mauritius) stressed upon the importance of this partnership: “After having financed more than 100 green projects together, we are very proud to be, once again, AFD’s partner in the context of SUNREF III.” Mr. Alain Law Min,Chief Executive Officer of MCB, declared that: “Partnering with AFD and the SUNREF line enables us to support project developers through MCB’s flagship Green Loan offering, which is a natural extension of our firm commitments towards sustainable development”. 

Consisting of a financial package of €75 million and sustained by the contribution of the European Union (€7million), the SUNREF Mauritius line of credit intends to pursue the efforts to promote mitigation of climate change projects (renewable energy, energy efficiency, reduction in greenhouse gas emissions), as well as facilitate the transition of Mauritius towards a more resilient and inclusive economy. For Mr.Pouillès-Duplaix, AFD director in Mauritius, SUNREF enables “through direct funding of the private sector, on the one hand, to promote the national action plan to combat the effects of climate changeand, on the other hand, accompany local economic operators in having a transformational societal impact.” 

As part of the SUNREF Mauritius programme, this line of credit made available to Mauritian partner banks is accompanied by technical assistance, the management of which has been entrusted to Business Mauritius. 

Through this financing package, AFD encourages the local banks in providing loans to private sector companies fostering green investments and promoting gender equality. These companies will benefit from loans with financial incentives, such as investment grants financed by the AFD and the EU, the amount of which will be adjusted according to the nature of the investment(s) made. 

The technical assistance seeks to strengthen capacity building across the different partners of the programme. 

For Mrs. Carla Osorio, Head of Cooperation of the Delegation of the European Union to the Republic of Mauritius and the Republic of Seychelles, “The contribution of the European Union to this green line of credit, in the form of financial aid, is consistent with the Sustainable Development Goal no. 7, which aims at improving access to affordable, safe, sustainable and modern energy by 2030. This contribution is also in line with the Government’s 2030 Vision, which is to transform Mauritius into a High-Income country, through the development of several key sectors, including energy.

About AFD

The French Development Agency (AFD), a public financial institution which implements the policy defined by the French government, works towards combating poverty and promoting sustainable development. Present across the four continents, through a network of 85 offices, AFD finances and supports projects which improve the living conditions of populations, help in fostering economic development and the protection of the planet. In 2017, the AFD devoted €10.4 billion towards project financing in developing countries and overseas territories.

About SUNREF (Sustainable Use of Natural Resources and Energy Finance)

SUNREF’s objective is to promote, in developing countries, private sector investments in favour of energy management and sustainable management of natural resources, through loans granted to partner banks. 

This innovative programme endeavours at assisting the transition of developing countries towards green growth, by enabling businesses, in line with specific eligibility criteria, to benefit from incentive-based loans for the financing of projects in the fields of environmental performance and energy efficiency, renewable energy or adaptation to climate change. 

About the European Union

The European Union is a unique political and economic union in the world uniting 28 countries. Today, the EU has a total population of over 500 million. Within the European Single Market, people, goods, services and capital can move as freely as within a single country. Since the adoption of the Lisbon Treaty in 2009, the EU has a High Representative of the Union for Foreign Affairs, Mrs. Federica Mogherini, and a new European External Action Service, which is one of the largest diplomatic networks in the world, with 139 delegations and offices.

About MCB

MCB is the leading financial institution in Mauritius andan increasingly prominent regional player. Relying upon a strong business model, modern distribution channels and customer service, MCB has been facilitating the development of individuals, businesses and the country as a whole since 1838, and consequently playing a keyrole in the socio-economic development of Mauritius. MCB is a socially responsible institution committed to promoting sustainable development principles and is also a signatory of the Equator Principles and the United Nations Global Compact. 

About SBM Bank (Mauritius) Ltd

SBM Bank (Mauritius) Ltd is the flagship subsidiary of SBM Holdings Ltd, a financial investment holding company listed on the StockExchange of Mauritius. With a market capitalisation of around Rs 22 billion as at 31July 2018, SBM Holdings Ltd is the third largest company listed on the Stock Exchange of Mauritius. SBM Bank (Mauritius) Ltd covers a wide range of customer segments, including individuals, high net worth individuals, SMEs, large corporates, international institutions and financial institutions. 


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