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Supporting a bank committed to the energy transition
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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70834907,44
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Financing details
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USD 60m loan
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Customer
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MAURITIUS COMMERCIAL BANK 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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PMU1052
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Environmental and social ranking
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A
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Climate co-benefits
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Project with climate co-benefits
This information is given at the time of signature, without prejudice to any developments in the operation/project.
This new investment by Proparco and DEG demonstrates the confidence in MCB and its active role in supporting the transition of Mauritius and Africa towards low-carbon, resource-saving and climate-resilient economies.
Client presentation
The Mauritius Commercial Bank Ltd (MCB Ltd) is Mauritius' oldest and largest bank, and an increasingly active regional player. MCB has notably embarked on an ambitious sustainability and climate journey over the last few years.
Project description
Proparco and DEG have provided MCB with a loan of up to USD 120 million (USD 60 million each) to support the bank in its ambition to unlock further opportunities to finance climate mitigation, adaptation and climate resilient measures. This new investment continues the success of AFD Group’s SUNREF lending program, which has been active in Mauritius since 2009.
Project impact
The investment is expected to support 11,000 direct and indirect jobs.
Furthermore, MCB remains strongly committed to advancing gender equality and workplace diversity. With more than 50% of employees being women, and a demonstrated commitment to improve women's representation in middle and senior management, this project qualifies for the 2X challenge initiative.
Through these different expected development effects, the project will contribute to SDG 13 (Climate action), SDG 8 (Decent Work and Economic Growth) and SDG 5 (Gender equality).