The Mauritius Commercial Bank Limited (MCB) has secured a $100 million, 10-year climate financing facility, led by Proparco as lead arranger alongside DEG and FMO.
Proparco is a subsidiary of the Agence Française de Développement Group. With an international network of 25 local offices, Proparco collaborates closely with its partners to develop sustainable solutions addressing environmental and social challenges across Africa, the Middle East, Asia, and Latin America.
German development finance institution DEG (Deutsche Investitions- und Entwicklungsgesellschaft mbH) offers financing, advice and support to private sector enterprises operating in developing and emerging-market countries. FMO is the Dutch entrepreneurial development bank with over 50 years of experience in sustainable private sector investments in developing countries and emerging economies.
According to the MCB, the proceeds will be primarily allocated to eligible climate mitigation and adaptation projects across Africa, contributing to the continent’s long-term sustainable development.
Thierry Hebraud, CEO, MCB Ltd, said, “This facility underscores the continued trust of our longstanding partners, Proparco and DEG, and the confidence of our new partner, FMO. It strengthens our ability to deliver on our sustainability objectives under our Group’s Vision 2030 and our raison d’être Success Beyond Numbers, while reinforcing our position as a key financial partner in Africa’s transition journey.”
The Mauritius Commercial Bank Limited is the leading bank in Mauritius and the main entity of MCB Group. It is backed by a large shareholder base of local and foreign investors and the highest market capitalisation on the local Stock Exchange. Today, MCB offers a wide array of financial solutions, including retail, business and corporate banking, factoring, leasing, global business, wealth management and investment products.
This latest facility marks MCB’s second climate financing line, following a $120 million facility signed with Proparco and DEG in November 2023.
“The new line of credit also underscores the endorsement of MCB’s Sustainability Framework by leading development finance institutions (DFIs), reflecting the strength and robustness of its Sustainability Framework and Environmental and Social Risk Management (ESRM) practices,” MCB mentioned in the press release.
The deal also brings FMO on board as a new strategic partner, while deepening MCB’s long-standing ties with Proparco and DEG.
These investments are intended to support the continent’s long-term sustainable development, addressing both the urgent need to reduce emissions and the growing requirement to adapt to climate-related risks.
Anbar Jowaheer, Group Head of Strategic Funding at MCB, said, “This transaction represents a
key milestone for MCB, reflecting strong support from leading DFIs and the international
recognition of our Sustainability Framework. The 10-year facility enhances our funding
diversification and strengthens our capacity to support climate-related projects across Africa.”
MCB is also a regional bank with an expanding international presence, operating in Madagascar, the Maldives, and Seychelles through dedicated subsidiaries, as well as in Réunion, Mayotte, France, South Africa, Kenya, Dubai, and Nigeria via its associates and representative offices.
