EIB Provides a Line of Credit to Mauritius Leasing for SME Financing

The European Investment Bank, the European Union’s long-term lending institution has agreed to provide EUR 5 million to support small and medium sized companies in Mauritius. This funding will be given to The Mauritius Leasing Company Limited to provide leasing facilities for small and medium sized companies in the country.

The loan agreements were signed today at the Labourdonnais Waterfront Hotel by European Investment Bank Vice President Plutarchos Sakellaris and the CEO of Mauritius Leasing, Ashraf Esmael. Representatives of the European Union Delegation in Mauritius, the First Deputy Governor of the Bank of Mauritius, Mr Yandraduth Googoolye, and other high ranking officials and members of the private sector were also present.

“The European Investment Bank recognises the essential significant contribution of small and medium sized companies to the country's economy.  Private Sector growth in Mauritius and elsewhere across the Indian Ocean will benefit from the Mauritius Leasing Company’s long experience in financing small business in Mauritius since 1987” said European Investment Bank Vice President Plutarchos Sakellaris.

“We are delighted and honoured to be the only leasing company in Mauritius to benefit from a line of credit from the European Investment Bank. Mauritius Leasing has played a significant role in Mauritius over the last 25 years, and has been a strategic partner to both large and mid-sized companies, as well as SME’s. This line of credit from the European Investment Bank will enable us to fulfil the medium term asset finance needs of our clients, particularly in the manufacturing, construction, agro industry and export-oriented sectors, in line with the country’s development strategy.” said Mauritius Leasing’s CEO, Ashraf Esmael.

Funding from the European Investment Bank, the European Union’s long-term lending institution, reflects the commitment to supporting both the private sector and financial services in Mauritius and is fully in line with goals of the European Community Country Strategy for Mauritius. Encouraging development of small and medium sized businesses is crucial for improving the competitiveness of the Mauritian economy and overall economic growth through job creation.

The European Investment Bank has been active in Mauritius since 1975 and provided more than EUR 301 million for 38 projects in the country. In Mauritius the European Investment Bank has financed investment in tourism, transport, telecommunications, food, water, energy and textiles, as well as helping the sugar industry and small businesses.