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AGF Magazine - April 2019 issue

  • In a region where only a minority of the population has access to a bank account and SMEs struggle to get financial help from traditional banks, Albert Alsina, CEO and Founder of Mediterrania Capital Partners, explains how the PE industry is becoming a catalyst for the African Fintech ecosystem’s development, enabling large-scale banking and supporting entrepreneurs and SMEs in their expansion plans (pp. 10-12).
  • In this month’s issue of Africa Global Funds, we also caught up with Kenneth Kaniu, Britam Asset Managers CEO, to learn about their anchor investment in Tiserin Capital, and the needs and constraints of institutional investors in Kenya and East Africa (pp. 14-15).
  • On the infrastructure front, we hear from Moritz Breickmann, Investment Director at African Infrastructure Investment Managers (AIIM) who showcases some successful airport redevelopments in Africa. Read on to find why airport infrastructure projects on the continent can provide attractive long term returns to investors (p.17).
  • In this month’s issue we also learn that the FTIF Templeton Africa Fund was merged into the FTIF Templeton Frontier Markets Fund. We speak with Ahmed Awny and David Haglund about the Fund and its African investments (p.16).
  • Finally, Rob Childs, Head of International for Prescient Fund Services shares his views on the global distribution challenges facing African fund managers and why the firm decided to domicile their offshore fund range in Ireland (p. 22).
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News > Investors

Proparco and DEG back MCB

Staff writer
Oct. 4, 2018, 9:04 p.m.

Word count: 331

Proparco and DEG have signed a $150m credit facility to The Mauritius Commercial Bank (MCB) to finance long-term corporate and infrastructure projects in Mauritius and sub-Saharan Africa.

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Proparco and DEG have signed a $150m credit facility to The Mauritius Commercial Bank (MCB) to finance long-term corporate and infrastructure projects in Mauritius and sub-Saharan Africa.

For this operation, Proparco granted a $100 million loan and catalysed a further $50m from Germany’s development finance institution, DEG. 

This is the second joint transaction by Proparco and DEG with MCB after an initial €75m facility allocated in 2011.

Gregory Clemente, CEO of Proparco, said: “Long-term partnerships between banks and DFIs are crucial to development in Africa. It has been 17 years since Proparco's first operation with MCB and I am very happy to see that with every new transaction, our partnership grows stronger and more ambitious. This new operation will help unleash the potential of the private sector to support economic growth and job creation on the continent”.

This operation will hold significant impact on economic growth and job creation on the continent, thus contributing to the United Nations’ Sustainable Development Goals. 

Beside supporting MCB’s development abroad, it will also help MCB in further enhancing its sustainable development engagement and impact.  

Alain Law Min, CEO of MCB, said: “This financing comes as MCB gears itself for the next phase of its business development, especially by expanding its international activities. We value our long-standing partnership with Proparco and DEG, which has grown from strength to strength.” 

“Moreover, this credit facility testifies of the international recognition of MCB’s investment-grade credit worthiness and role as an active financier of high-impact and sustainable projects in sub-Saharan Africa and the Indian Ocean region.” 

Petra Kotte, Head of Division Financial Institutions and German Business at DEG, added: “We are proud to provide our long-standing partner MCB with long-term capital, which at present is only available to a limited extent in Mauritius. MCB has been a pioneer in Mauritius with innovative financial products. Our investment will help MCB to further expand its lending to corporate and infrastructure projects in the country and sub-Saharan Africa.”

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