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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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