(Ecofin Agency) - In a release published on April 2, 2019, Mauritius Commercial Bank Ltd (MCB) announced that it received an $800 million syndicated loan from a large number of Europe, Middle-East and Asia focused lenders.

This loan was arranged by Standard Chartered Bank and Sumitomo Mitsui Banking Corporation Europe Limited.

The initial target was $500 million “but, the offer was oversubscribed to exceed $1 billion thanks to an international banking union constituted of 24 geographically diversified banks,” the banking group wrote in the release. It also revealed that it finally decided to raise $800 million.

“The oversubscription attests of the international recognition of MCB’s solvency, its investment grade and the trust in its strong fundamentals as well as in its growth prospects,” MCB’s deputy managing director Raoul Gufflet said, according to the release.

According to the executive, the funds raised “will help support MCB in the continuation of its funding profile’s optimization and diversification as well as its local and African expansion goals.”