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AfDB approves Mauritius’ Country Strategy Paper for 2014-2018

In line with its objective to support regional development, the African Development Bank Group (AfDB) approved Mauritius’ Country Strategy Paper (CSP) for 2014-2018. The board of directors met in Tunis on Wednesday to finalise the bank’s strategic business plan in Mauritius for the five-year period. Taking into account the strategic importance of Mauritius to the region and the bank, the paper recognises the country’s outstanding performance and strong economic fundamentals. It

Mauritius CWA to spend Rs 1 billion to plug water leakage

The Central Water Authority (CWA) of Mauritius is undertaking a mammoth Rs 1 billion project to reduce water leakage on the island. Under the project, the CWA, with the assistance of a team from Singapore, is using modern equipment to detect underground leaks and repair them as well as track down illegal connections in the water supply network. The non-revenue water (NRW) project is funded by a loan from the government to CWA

IMF: Mauritius economy to grow 3.7% in 2014

Following its review of the island economy, the International Monetary Fund (IMF) has estimated that its GDP will grow by 3.7% in 2014. However, Mauritius can realise its economic potential only if an upward growth trajectory is maintained in seafood, Information and Communication Technology (ICT) as well as financial services sectors. Martin Petri, who headed an IMF mission to the island from 22 January to 5 February, said on Wednesday

[In-depth interview] Jean-Claude Béga: Dynamism and Responsiveness are GML’s success mantra

AfricaMoney spoke to Jean-Claude Béga, the Chief Financial Officer (CFO) of Mauritius’ largest conglomerate, GML, on how astute financial management is key to the group’s success. (Edited excerpts from an interview) What are the biggest challenges you face as the CFO of a highly diversified conglomerate like GML which cuts across sectors such as hospitality, banking, fisheries, real estate and sugar, besides operating across multiple geographies? GML is a highly diversified

Mauritius: Governor disagrees with committee, says repo rate must rise

Governor Rundheersing Bheenick said on Tuesday that the key repo rate should be raised to prevent outflow of capital, taking a stance contrary to the monetary policy committee (MPC) which decided to hold the rate steady at its Monday meeting. The central bank head said that raising the rate would protect the Indian Ocean Island from the turbulence that has hit other emerging markets and would address the issue of

Over 4000 Mauritians get jobs under Youth Employment Program

More than 4,000 unemployed youths have been provided with training or placement in various sectors of the economy through the Youth Employment Programme (YEP) since it started in January 2013. Mauritius Finance Minister Xavier-Luc Duval made this announcement at the launch of the YEP Report in Port-Louis. The YEP was launched last year with a provision of Rs 330 million and this year, Rs 300 million have been allocated to

Indian support critical to boost Mauritius education sector

Mauritius banks on its education sector as an important pillar for the island economy and is looking for greater cooperation from the Indian government, especially for training teachers for the Mauritian primary, secondary and higher education level. Evidencing the importance of the education sector, in the latest budget for 2014, the Finance minister announced that Rs 14.8 billion have been allocated to the sector, which represents an increase of 11.2%

MCB Capital Markets launches Africa Bond Fund to diversify portfolio

MCB Capital Markets launched on Monday the MCB Africa Bond Fund, which is the first investment fund to focus solely on African debt securities in local currency. MCB Capital Markets expects to raise USD10 million through the MCB Africa Bond Fund (approximately Rs 331 million) in the coming weeks, and expects to double that amount in the coming months. The objective of this fund is to generate positive returns by

Uncertainties over tax treaty with India impacting negatively on business

Investors are adopting a “wait and watch approach” in routing their money through Mauritius into India amid bilateral tax treaty uncertainties, which is also impacting the island nation’s financial services sector. According to a leading industry body ‒ Global Finance Mauritius (GFM) ‒, continuing uncertainties over the tax treaty with India are having a negative impact on employment opportunities as well as existing jobs in the island nation’s financial services industry. “The uncertainty (over

Bank of Mauritius holds repo rate steady; says economy strong

The central bank of Mauritius decided to hold its repo rate steady at 4.65 percent at a Monetary Policy Committee meeting yesterday. A Reuters poll had forecast it would leave rates unchanged. The Bank of Mauritius has maintained the repo rate since June 2013, when the rate was cut by 25 basis points to stimulate growth. However, the Bank of Mauritius noted that members of its monetary policy committee were

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