(Agence Ecofin) – As the covid-19 crisis continues, Mauritius commercial bank MCB has appealed, for the third time, to two long-standing financial partners to support its lending operations for companies in difficulty.
Mauritius Commercial Bank (MCB), the oldest bank in Mauritius, is close to obtaining a loan of $ 65 million from Proparco, the French body in charge of the private sector in emerging countries and from the German bank DEG.
This facility aims to help SMEs in Mauritius and the region, affected by the crisis in #COVID19. This is the 3rd joint operation of @Proparco and of @deginvest_int with the #MCB, historical partner of development institutions: https://t.co/ydNLMnojqo https://t.co/Fr9odWDSdp
— MCB Group (@mcbgroup) February 2, 2021
Proparco will allocate $ 50 million to MCB, and the remaining amount will be granted by DEG.
“This credit facility reflects the international recognition of MCB’s creditworthiness and its active role in financing high impact projects in the sub-Saharan and Indian Ocean regions”, said Alain Law Min (photo, right), director general of the MCB.
The transaction marks the third joint transaction between Proparco and DEG for the benefit of the bank listed on the Mauritius Stock Exchange. It is carried out in a fairly difficult context for financial institutions which are suffering from the effects of the health crisis on their activities and those of the companies they support.
Mauritius Commercial Bank plans to step up its support for businesses affected by the pandemic. It will finance the expansion and modernization projects of SMEs in the countries of the sub-Saharan region in which it operates. It will also grant loans that will cover the short-term financing needs of businesses.