OPEC Fund loan to MCB to promote international trade in Mauritius and sub-Saharan Africa
The OPEC Fund participates in the Mauritius Commercial Bank (MCB) syndicated term credit facility of US $ 1 billion for an amount of US $ 42.5 million. The proceeds of this syndicated facility will be used for general corporate, refinancing and commercial financing purposes. This transaction marks the OPEC Fund’s first cooperation with MCB.
The participation of the OPEC Fund will help to strengthen the regional diversification strategy of the MCB. As Mauritius’ premier bank, MCB plays an active role in promoting Mauritius as a platform to facilitate trade and investment to and from Africa. This helps support economic progress on the continent and generate employment opportunities – contributing to SDG 8.
OPEC Fund Managing Director Abdulhamid Alkhalifa said: “Strong trade ties and integration into international markets help generate economic growth. The proceeds from the OPEC Fund’s participation in the Syndication Facility will provide funding to support critical sectors in Mauritius during these difficult times. We congratulate MCB for this first successful cooperation.
Alain Law Min, Chief Executive Officer (CEO), MCB Ltd: “We are delighted with this first cooperation with OPEP Fund and the success of the operation, which demonstrates the support of the international loan markets for MCB, despite the local challenges and international. the context. This facility, which also highlights our strong credit history, will help us continue to expand our international business in the region and in Africa. “
The facility’s coordinators and bookkeepers consisted of six banks, including Abu Dhabi Commercial Bank PJSC; Citi; Intesa Sanpaolo SpA; Banque Mizuho Ltée; Standard Chartered Bank and SMBC Bank International plc. Thirty-one banks are participating in this successful syndication with the co-arrangers.
Founded in 1838, MCB is Mauritius’ oldest and most important banking institution and an increasingly important regional player. The MCB is rated investment grade by Moody’s Investors Service and is one of the few financial institutions rated as such in sub-Saharan Africa. It is the main subsidiary of MCB Group Limited, a blue chip company listed since 1989 on the local stock exchange. MCB has been a catalyst in the socio-economic development of Mauritius by supporting the development of all pillars of the economy, as well as fulfilling its role as a responsible corporate citizen by promoting the well-being of our society and our community. The Bank has been committed to a regional diversification strategy since the 1990s, asserting itself as a niche player on the African continent providing adapted financing solutions in selected sectors, such as energy and raw materials, hotels, electricity and infrastructure.
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that exclusively provides funding from member countries to non-member countries. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established by OPEC member countries in 1976 with a distinct goal: to foster development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet basic needs, such as food, energy, infrastructure, employment (especially as it relates to MSMEs), drinking water and sanitation, health care and education. To date, the OPEC Fund has committed over US $ 22 billion to development projects in more than 125 countries, at an estimated total project cost of US $ 187 billion. Our vision is a world where sustainable development is a reality for all.
© Press release 2021