- OPEC Fund and Mauritius Commercial Bank deepen partnership with trade facility participation
OPEC Fund and Mauritius Commercial Bank deepen partnership with trade facility participation
The proceeds of the syndicated facility will be used for general corporate purposes, refinancing and trade finance. The transaction marks the OPEC Fund’s first cooperation with the Mauritius Commercial Bank (MCB)
In its first transaction with the Mauritius Commercial Bank (MCB), the OPEC Fund is participating in a US$1 billion syndicated loan facility with an amount of US$42.5 million to help bolster MCB’s regional diversification strategy.
As the leading bank in Mauritius, MCB plays an active role in promoting the country as a platform for facilitating trade and investment to and from Africa, supporting economic progress and generating employment opportunities, contributing to SDG 8 – Decent Work and Economic Growth.
The facility’s coordinators and bookrunners included 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 participated in the successful syndication alongside the co-arrangers.
At a virtual signing ceremony OPEC Fund Director-General Abdulhamid Alkhalifa said: “Strong trade ties and integration into international markets help generate economic growth. The proceeds of the OPEC Fund’s participation in the syndication facility will provide funding to bolster critical sectors in Mauritius during these challenging times.”
Alain Law Min, Chief Executive Officer, MCB Ltd, added: “We are pleased with this first cooperation with the OPEC Fund. The success of the deal demonstrates the support of the international loan markets for MCB despite the challening local and international environment. This facility, which also highlights our robust credit history, will support the expansion of our international business in the region and Africa.”
Founded in 1838, MCB is the longest-standing and leading banking institution in Mauritius and an increasingly prominent regional player. MCB is among the sub-Saharan African financial institutions rated as investmentgrade by Moody’s Investors Service. It is the main subsidiary of MCB Group Limited, a blue chip company listed on the Mauritian stock exchange since 1989.