Abidjan, Côte d’Ivoire – The African Development Bank (AfDB) has approved a significant loan of $240 million to Mauritius. This financial injection aims to propel the island nation’s economic recovery from the COVID-19 pandemic by fostering diversification and competitiveness.
The loan marks the second phase of the Economic Competitiveness and Resilience Support Program. “Building on the success of the first phase in 2023, this new program will continue to support improvements in economic diversification and competitiveness,” said Kennedy Mbekeani, the AfDB’s Country Manager in Mauritius. “Our goal is to enhance the country’s resilience and achieve more inclusive and sustainable growth.”
The program will target key areas to achieve these goals. One crucial aspect involves supporting reforms to improve the business environment and strengthen the real economy. Additionally, the AfDB will back several government initiatives, including a new fisheries framework bill. This legislation aims to address gaps in current regulations, particularly regarding unregulated fishing and sanctions. This move is expected to revitalize the fishing sector, creating new employment and income opportunities for Mauritians.
Another key initiative involves the government’s recently approved roadmap and strategic plan for the agriculture and livestock farming sectors (2024-2030). This plan focuses on boosting production for long-term food security, promoting sustainable practices, and encouraging entrepreneurship within the agricultural and agro-industrial sectors.
The program also embraces renewable energy solutions. It will support the installation of rooftop solar panels (using 1.5-kilowatt hour solar kits) for low-income households. This initiative is projected to significantly reduce beneficiaries’ monthly electricity bills by an estimated 75-kWh for the next 20 years. Beyond promoting renewable energy and lowering greenhouse gas emissions, this program is designed to alleviate poverty among these households.
 has approved a significant loan of $240 million to Mauritius. This financial injection aims to propel the island nation's economic recovery from the COVID-19 pandemic by fostering diversification and competitiveness.){kind=link}