Tag: Mauritius

ARM-Harith set to launch ACT Fund for urban climate infrastructure solutions

Frank

MAURITIUS – ARM-Harith Infrastructure Investments, an infrastructure fund manager, has announced the official launch of the ARM-Harith Cities and Climate Transition Fund (ACT Fund), which is endorsed by the Global Innovation Lab for Climate Finance. The US$250 million target fund has been designed in collaboration with the Global Innovation Lab, a public-private partnership initiative funded by the Dutch, German, Swedish and UK governments, as well as the Rockefeller Foundation. The ACT Fund represents a pillar of ARM-Harith’s sustainable infrastructure investment platform and will invest in urban climate infrastructure solutions with…

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ARM-Harith Infrastructure set to launch urban climate infrastructure solutions focused fund

Frank

MAURITIUS – ARM-Harith Infrastructure Investments Limited, a Mauritius-regulated infrastructure fund manager and parent company of ARM-Harith Infrastructure Investment Limited Nigeria, is set to launch the ARM-Harith Cities and Climate Transition Fund (The ACT Fund). The ACT Fund is part of ARM-Harith’s broader climate finance platform and will invest in urban climate infrastructure solutions with an initial focus on renewable energy, urban mobility, water, and waste. This US$250 million-target fund is being designed in collaboration with the Global Innovation Lab for Climate Finance, a public-private partnership initiative funded by the Dutch,…

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MCB Equity Fund invests US$36m in Africa Mobile Networks Limited

Frank

MAURITIUS – MCB Equity Fund, the private equity arm of MCB Group, the largest banking group in Mauritius, has announced the acquisition of a minority stake in Africa Mobile Networks Ltd as part of a consortium led by Metier, an independent African private equity manager. The consortium, which includes CDC Group (the UK’s development finance institution and impact investor), Deutsche Investitions- und Entwicklungsgesellschaft mbH (Germany’s development finance institution), Proparco (the private sector arm of the French Development Agency) and other leading institutions, has invested US$36 million into AMN. As part…

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Mauritius Telecom rolls out its 5G network

Frank

MAURITIUS – MyT Mobile, Mauritius Telecom (MT)’s mobile network, has launched the 5G services in the country one month after it obtained a 5G license for mobile telephony. The telecommunications firm announced the deployment of four 5G Experience Zones in Ebène, at the University of Mauritius, at Bagatelle Mall and La City Trianon. Sherry Singh, Chief Executive Officer of Mauritius Telecom, launched the zones in July 2021 at the Hennessy Park Hotel, Ebene, together with Deepak Balgobin, Minister of Information Technology, Communication and Innovation. Singh said the local mobile market…

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Mauritius Commercial Bank signs a US$20m term loan facility with Bank of Kigali to support its growth objectives

Frank

MAURITIUS – The Mauritius Commercial Bank Limited (MCB) and Bank of Kigali Plc have successfully signed US$20 million deal between them to provide additional liquidity to Bank of Kigali Plc over a 1-2 year period to facilitate execution of its lending strategy. Despite the challenging market conditions, Bank of Kigali Plc maintains strong financial performance and continues to attract the support of financial institutions, showcasing investors’ confidence in the bank. The loan proceeds will be used mostly to fund their general corporate projects. Bank of Kigali Plc remains a systemically…

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PE firm Tana Africa Capital takes minority stake in alcoholic beverages firm Kensington Distillers & Vintners

Frank

MAURITIUS – Tana Africa Capital, a leading Pan-African private equity firm has, announced its latest investment through its second fund Tana Africa Capital II into Kensington Distillers & Vintners, a fast-growing alcoholic beverage manufacturing and distribution business with operations in South Africa, Kenya and Nigeria. The investment was made directly into KDV Holding that owns majority stakes in Truman & Orange South Africa, Monument Distillers East Africa and Monument Distillers Nigeria. Since its founding in 2014 KDV, has established a fast-growing portfolio of wine and spirits brands including local manufacturing…

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I&M Holdings pumps US$3.67m in Mauritian subsidiary Bank One

Frank

MAURITIUS – Financial services group  I&M Holdings has invested an additional US$3.67 million in its Mauritian subsidiary Bank One in the year ended December 2020 to boost its capital position. The move came as Bank One sought to strengthen its capacity to handle existing and potential defaults in the course of the Covid-19 pandemic that has hurt bank earnings in most parts of the world. The Nairobi Securities Exchange (NSE) listed firm owns 50 percent of the Mauritian lender, with the other half held by the island nation’s conglomerate CIEL…

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Investment bank SouthBridge in innovative joint venture deal with NACP, picks Charles Kié as a CEO

Frank

MAURITIUS – Investment bank SouthBridge Investments (SBI) and New African Capital Partners (NACP) have announced the launch of their joint venture named SBNA that will act as a “permanent capital fund” aiming to attract investors who take a long-term view on Africa. The joint venture intends to directly invest in Africa’s future with long-term capital, focusing on FinTech, the financial sector integration, and micro and meso finance. Charles Kié, CEO and co-founder of New African Capital Partners, will head SBNA. Mr. Kié’s professional career includes top jobs at Citibank, Banque…

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Mauritius gets US$289m loan from JICA for Covid-19 fight

Frank

MAURITIUS – The Japan International Cooperation Agency (JICA) has extended an Official Development Assistance loan of up to US$289 million to support Mauritius’ response to the Covid-19 pandemic and rebuild its economy. The loan, signed on 24 February, is a parallel co-financing agreement between JICA and the African Development Bank under the Enhanced Private Sector Assistance for Africa (EPSA) joint initiative to spur private sector-led sustainable and inclusive growth in Africa. The co-financing arrangement will help the Mauritius government contain the pandemic, secure livelihoods, and boost the resilience of the…

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Mauritius Commercial Bank exits payments processor ICPS

Frank

MAURITIUS – Mauritius Commercial Bank (MCB) has announced that it has agreed to sell all the 80% shares it held in payments processor ICPS for an undisclosed amount. The lender will subsequently sell the shares  Morocco’s payment solution provider HPS, which already owned 20% stake in the company.   This acquisition is part of HPS’s strategy for growth and development abroad. The company is committed to providing payment solutions and services for issuers, retailers, and mobile network operators worldwide. The strategy, which began in 2010, has enabled HPS to acquire…

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