(Ecofin Agency) - Mauritius Commercial Bank (MCB), the oldest bank in Mauritius, is about to obtain a $65 million loan co-provided by Proparco, the French financial development institution dedicated to private sector financing, and the German bank DEG.
Proparco is bringing $50 million to the table while DEG is in charge of the remaining. "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 (pictured, right), Managing Director of MCB.
Mauritius Commercial Bank seeks to strengthen its support to companies affected by the pandemic. Under this plan, the banking institution will finance expansion and modernization projects targeting SMEs in SSA countries where it is active. It will also grant credit lines for companies’ short-term financial needs.
Let's note that this credit line is the third joint transaction by Proparco and DEG in favor of MCB. It comes in a tough context for financial institutions, which suffer the fallouts of the Covid-19 pandemic.