(Ecofin Agency) - The administrative board of the IFC will adjudicate on the possibility of a $37.5 million loan to Bank One Mauritius. This Mauritius commercial bank is 50% owned by Kenyan financial group I&M Holdings Ltd and at 50% by Ciel Group, an investment bank based in Mauritius.
The initiative is aimed at helping the bank boost its funding offers to the country’s SMEs in the long term.
According to the IFC, SMEs employ 10 to 49 people and realize turnover between $100,000 and $3 million.
At the end of the 2018 fiscal year, loans granted by Bank One Mauritius to its clients and other banking institutions rose from Rs864.8 million in 2017 ($24.7 million) to Rs1.1 billion ($31 million).