From All Africa

The Board of Directors of the African Development Bank (AfDB) approved on Wednesday, September 11 a financing package consisting of US $120 million multi-sector line of credit (LOC) and US $30 million subordinated debt to The Mauritius Commercial Bank (MCB).

This financing package will allow MCB to increase its foreign currency lending to medium- and large-sized enterprises operating in Mauritius, neighboring countries and mainland Africa, thereby enhancing sustainable and inclusive growth through private sector development in the region.

MCB Group is the largest financial institution in Mauritius with over US $7 billion in total assets and around US $940 million in shareholders’ funds. It has a 175-year-old history and is a respected regional financial institution, with subsidiaries in Madagascar, Mozambique, Seychelles and Maldives as well as presence in Reunion and Mayotte through its associate while having representative offices in Paris and Johannesburg. MCB’s continental portfolio straddles several countries in mainland Africa.

Read more at allafrica.com