THE African Development Bank has approved a substantial loan of $240 million to Mauritius. This funding is designated for the implementation of the second phase of the Economic Competitiveness and Resilience Support Programme, aimed at bolstering economic diversification, competitiveness, and resilience in Mauritius.
Kennedy Mbekeani, the African Development Bank’s Country Manager in Mauritius, stated, ‘Following the approval and implementation of the first phase of the Programme in 2023, the aim of this second phase is to continue to support improvements in economic diversification and competitiveness, to improve the country’s resilience and achieve more inclusive, sustainable growth. The proposed programme will support the economic recovery following the Covid-19 pandemic through fundamental reforms to improve the business environment and the real economy.’
The programme will back several government measures, including the newly approved fisheries framework bill, which aims to address gaps in current legislation related to unregulated fishing and sanctions. This initiative is expected to invigorate the fishing sector, providing new employment and income opportunities for Mauritians. Additionally, the program will support the approval of a comprehensive roadmap and strategic plan for the agriculture and livestock farming sectors from 2024 to 2030. This plan focuses on enhancing production for resilient food security, promoting sustainable practices, and fostering entrepreneurship and agro-industry.
One of the significant components of this phase is the installation of rooftop solar panels for households with modest incomes, using 1.5 kilowatt-hour solar kits. Beneficiaries are projected to see a 75-kilowatt-hour reduction in their monthly electricity bills over the next 20 years. This initiative not only increases the share of renewable energies in Mauritius’s energy mix and lowers greenhouse gas emissions but also aims to alleviate poverty among low-income households.
The programme’s direct beneficiaries include the Mauritian Ministry of the Economy, Planning and Development, along with several other ministries involved in the operation. The private sector is also set to benefit from improved investment opportunities in the agro-industry sector.
This strategic financial support underscores the African Development Bank Group’s commitment to fostering sustainable and inclusive growth in Mauritius, particularly as the country continues its recovery from the impacts of the Covid-19 pandemic.
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