The Mauritius Commercial Bank (MCB) and the African Development Bank (AfDB) on Monday signed a loan agreement for US$150 million to enable MCB to accelerate its expansion in Africa.
Pierre Guy Noël, chief executive Group of MCB, said that the financial support from AfDB would enable the bank to increase its loan portfolio in currencies and strengthen its basic capital while helping it to finance its restructuring plan.
Mohamed Kalif, AfDB division manager, said that in the next three years, Africa would need a financing of US$100 billion to overcome the challenges posed by the deficit in investment and infrastructure.
Under the agreement, MCB would use the money to finance wide-scale projects in Mauritius and in the region, particularly those related to industry, infrastructure and the service sector, while favouring projects promoting environmental protection.
