OPEC Fund loan to MCB to promote international trade in Mauritius and sub-Saharan Africa
29-09-2021 11:42:52 | by: Bob Koigi | hits: 2481 | Tags:

The OPEC Fund is participating in Mauritius Commercial Bank’s (MCB) $1 billion syndicated term loan facility for an amount of $42.5 million.

The proceeds of this syndicated facility will be used for general corporate purposes, refinancing and trade finance. This transaction marks the OPEC Fund's first cooperation with MCB.

The OPEC Fund’s participation will help bolster MCB’s regional diversification strategy. As the leading bank in Mauritius, MCB plays an active role in promoting Mauritius as a platform for facilitating trade and investment into and from Africa.

This helps to support economic progress in the continent and generate employment opportunities – contributing to SDG 8.

OPEC Fund Director-General Abdulhamid Alkhalifa said: “Strong trade ties and integration into international markets help generate economic growth. The proceeds of OPEC Fund’s participation in the syndication facility will provide funding to bolster critical sectors in Mauritius during these challenging times. We congratulate MCB for this successful first cooperation.”

Alain Law Min, Chief Executive Officer (CEO), MCB Ltd: “We are pleased with this first cooperation with OPEC Fund and the success of the deal, which demonstrates the support of the international loan markets to MCB, despite the challenging local and international context. This facility, which also highlights our robust credit story, will help us further the expansion of our international business in the region and Africa.”

The facility’s Coordinators and Bookrunners were comprised of six banks, including Abu Dhabi Commercial Bank PJSC; Citi; Intesa Sanpaolo S.p.A.; Mizuho Bank Ltd; Standard Chartered Bank and SMBC Bank International plc. Thirty-one banks are participating in this successful syndication along with the co-arrangers.