Finance corporation

The Industrial Finance Corporation of Mauritius (IFCM) will act as a catalyst to stimulate industrial development and accelerate long-term economic growth, says Minister of Finance

Download logo

The Industrial Finance Corporation of Mauritius (IFCM) Ltd (formerly Investment Support Program Ltd), was launched today in the presence of the Minister of Finance, Economic Planning and Development, Dr Renganaden Padayachy; the Minister of Industrial Development, SMEs and Cooperatives, Mr. Soomilduth Bholah; the Chairman of IFCM Ltd, Mr. Jairaj Sonoo; and other personalities at the Caudan Arts Center in Port Louis.

Speaking on this occasion, Dr. Padayachy dwelt on the various opportunities and facilities offered by IFCM Ltd to enable companies to adopt appropriate technologies to modernize and transform their processes, thus making them more efficient. , profitable and productive.

The IFCM Ltd, he said, was established as a result of the 2020-2021 budget measure while emphasizing that it will serve as a catalyst to stimulate industrial development and accelerate the pace of long-term economic growth in various sectors. such as manufacturing, agro-industry, construction, blue economy, ICT and renewable energy.

The Minister of Finance mentioned the establishment of schemes under the Modernization and Transformation Fund at a preferential rate starting from 2.5% per annum and the establishment of the credit guarantee scheme in collaboration with the African Solidarity Fund. To this end, he pointed out that a memorandum of understanding with the African Solidarity Fund was being finalized.

Minister Padayachy also explained the country’s economic situation amid the COVID-19 pandemic while emphasizing the government’s continued commitment to provide adequate support to mitigate the impacts of the crisis by making Rs 140 billion available to the economy.

The need to reposition industries and respond to new emerging activities in line with the government’s vision of supporting a resilient and sustainable economy was highlighted by Dr. Padayachy. With the reopening of borders having a positive impact on the tourism industry and the investment sector, he expects an economic recovery of over 6.5% for this year. “Private and public sector collaboration is essential for an inclusive and resilient country, sparked by innovation,” he said.

As for Minister Bholah, he pointed out that IFCM Ltd will bridge the gap between companies in need of finance and the actual availability of such funds. “The launch of the entity demonstrates the government’s vision to ensure businesses operate in an enabling environment,” he observed.

Regarding the opportunities offered by the IFCM Ltd, he pointed out that the Company will help to take advantage of market opportunities at the national, regional and international level. It will also enable the modernization of products and processes as well as the promotion of activities with higher added value and highly qualified jobs.

The Chairman of IFCM Ltd, for his part, indicated that the entity is perfectly suited to provide a range of financial instruments such as leasing and factoring; bond underwriting, equity/quasi-equity financing and corporate guarantees.

Distributed by APO Group on behalf of the Republic of Mauritius.

This press release was issued by APO. Content is not vetted by the African Business editorial team and none of the content has been verified or validated by our editorial teams, proofreaders or fact checkers. The issuer is solely responsible for the content of this announcement.