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Mauritius: Proparco has allocated a loan to MCB to support its clients affected by the Covid-19 crisis
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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41830502,80
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Financing details
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USD 50m 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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PMU1046
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Environmental and social ranking
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IF-B
This information is given at the time of signature, without prejudice to any developments in the operation/project.
As part of the French Choose Africa Resilience initiative, Proparco and DEG have signed a USD 65m loan with Mauritius Commercial Bank Limited (MCB) to support clients affected by the Covid-19 crisis
Client presentation
MCB is the leading financial institution in Mauritius and an increasingly important regional player. Since 1838, MCB has been supporting the development of people and companies in the country, thereby playing a key role in national socioeconomic development. It has also expanded in Sub-Saharan Africa and the region since the 1990s. MCB is a responsible institution that promotes the principles of sustainable development (Equator Principles and United Nations Global Compact).
Project description
The loan from Proparco and DEG (USD 50m for Proparco) will help the country’s leading bank address the needs created by the health crisis. The objective is to allocate additional liquidity to MCB and facilitate access for companies to repayment deferrals, restructuring, cash flow financing and recovery loans (restocking, for example). This project is part of the French Choose Africa Resilience initiative.
Project impact
This loan is part of Proparco’s response to the Covid-19 crisis. It aims to support MCB by allocating it additional short-term liquidity.