|Approval Date||11 Dec 2017|
|Signature Date||27 Jun 2019|
|Sovereign / Non-Sovereign||Non Sovereign|
|DAC Sector Code||24030|
The proposed project entails a senior loan to MauBank Holdings with an amount of USD 100 million for up to a 12-year tenor including a 5-year grace period. MauBank was formed through the merger of two government-owned commercial banks (National Commercial Bank (NCB) & Mauritius Post and Cooperative Bank (MPCB) in January 2016). A senior loan to MauBank Holdings to provide long-term liquidity required for its subsidiary bank, MauBank Ltd (MauBank) to expand its Small and Medium Enterprise (SME) operations, which are in line with the Government of Mauritius’ 10-Year SME Master plan by focusing on various sectors such as manufacturing, ICT, agriculture, construction, trade and services. This intervention will complement the Bank’s other ongoing programs in Mauritius such as power sector and infrastructure support projects in addition to a commercial bank and PE fund operations.
The overarching objective of this project is to scale-up lending and financial service delivery to SMEs in Mauritius, which is a high priority national agenda for Mauritius. This sovereign guaranteed senior loan, the AfDB will foster private sector investments in SMEs operating in a wide range of sectors such as manufacturing, trade, agriculture, aquaculture, ICT, transport and other services sectors.
The proposed loan is critical to strengthen its capital base and enable MauBank to grow its SME business. Through its ecosystem approach, MauBank is expected to support more SMEs in Mauritius by providing more affordable financing schemes, business advisory services, linking with other SMEs (cluster approach) etc. As part of its corporate strategy, MauBank targets to increase its SME clients from 4,400 to 6,000 including 1,500 women enterprises and 300 youth enterprises, and SME loan portfolio to reach more than MUR 10 billion from the current level of MUR 3.4 billion by 2027.
African Development Bank
|Last Update||15 Apr 2021|