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Supporting the climate strategy of Absa Mauritius
Project
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Signature date
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Location
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Mauritius
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Financing tool
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Financing amount (Euro)
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70 982 396,37
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Customer
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ABSA BANK (Mauritius) Limited
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Type of customer
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Financial institution
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Country of headquarters
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Mauritius
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Project number
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PMU1054
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Environmental and social ranking
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IF-A
This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco has allocated $75 million of financing to Absa Mauritius to help it strengthen its strategy and its action to support the climate transition
Client presentation
Absa Mauritius is one of the leading commercial banks in Mauritius. It has a range covering all financial products and services. Its main advantage over its Mauritian competitors is that it is part of Absa Group which, as a major pan-African banking group, operates in more than 15 countries, mainly in Sub-Saharan Africa.
Project description
The operation involves a $75 million senior credit line fully dedicated to the climate. This financing will enable Absa Mauritius to strengthen its climate strategy and scale up its impact on the climate transition, in both Mauritius and across Africa. The additionality of this facility lies in the strategic support to the bank, through long-term financing and technical assistance to begin its transition.
Project impact
The expected impacts of this financing are as follows:
Employment
- About 14,000 jobs supported over the next 5 years in the companies financed by the bank (indirect jobs)
Climate
- 95% of climate co-benefits, as nearly all the funds will be used to finance mitigation projects
Gender
- Proparco’s financing has partly qualified for the 2X Challenge on the basis of criteria 2 (Leadership) and 3 (Employment)
The project will thereby contribute to the achievement of SDGs 5 (Gender equality), 8 (Decent work and economic growth) and 13 (Climate action).