Absa Mauritius secures USD 75 million financing from Proparco to bolster climate finance

With an ambition to position itself as a key player in sustainable finance, Absa is scaling up its climate finance portfolio in Mauritius and across Africa. This aligns with Mauritius’ ambitious Nationally Determined Contributions (NDCs), which aims to reduce greenhouse gas emissions by 40% and ensure 60% of the country’s energy mix comes from renewable sources by 2030.

The facility will be exclusively dedicated to climate co-benefit projects, strengthening Absa’s leadership in sustainable finance across Mauritius and Africa. It will focus on large-scale solar PV projects to accelerate the region’s renewable energy transition, certified green building developments meeting international sustainability standards, and waste management initiatives that promote circular economies. These investments are designed to address critical environmental challenges while fostering sustainable growth, positioning Absa Bank Mauritius as a key facilitator of green finance across the continent.

The conclusion of the facility was recognised in the context of a Sustainable Development Ceremony held on the 25th of April in Port Louis. In attendance was the French Deputy Minister, Mr Thani Mohamed-Soilihi, the Ambassador of France in Mauritius, Mr. Frédéric Bontems, AFD Group’s CEO, Mr. Remy Rioux, the Mauritian Junior Minister of Finance, Mr. Dhaneshwar Damry, the First Deputy Governor of the Bank of Mauritius, Mr. Rajeev Hasnah, and Absa Mauritius Managing Director, Ravin Dajee.

This partnership contributes to the achievement of several United Nations Sustainable Development Goals (SDGs). Notably, the project aligns with SDG7 (Affordable and Clean Energy), SDG8 (Decent Work and Economic Growth), and SDG13 (Climate Action). It is also part of the 2X Challenge initiative, promoting SDG5 (Gender Equality). Absa underscores its commitment to gender inclusion, with women comprising over 40% of its workforce and more than 30% of its top management. Looking ahead, Proparco and Absa will collaborate through a technical advisory facility to enhance Absa’s value proposition for women-led businesses in Mauritius, further reinforcing their shared vision for sustainable, inclusive growth.

Moreover, the financing is expected to sustain approximately 14,000 jobs indirectly by empowering medium and large enterprises to implement climate-aligned projects, particularly in renewable energy. This collaboration highlights Absa’s dedication to driving economic growth while addressing pressing environmental challenges and fostering a more sustainable future for Mauritius and the region.

Emmanuelle Riedel-Drouin, Head of Proparco’s Debt Department, highlighted: “We are proud to join forces with Absa Bank Mauritius in this transformative partnership, which represents a significant step towards advancing climate resilience across Africa. Together, we are empowering Absa to expand its climate finance capabilities, driving the sustainable transformation of Mauritius and contributing to broader positive impacts across the continent.”

Ravin Dajee, Managing Director at Absa Bank (Mauritius) Limited highlighted:
“This strategic partnership between Absa and Proparco reinforces our shared commitment to fostering sustainable growth and development across Mauritius and Africa, paving the way for a more resilient and inclusive future. By leveraging our combined expertise and resources, we aim to drive impactful initiatives that address key economic and environmental challenges. This collaboration underscores our dedication to creating long-term value for all our stakeholders and adopting a truly partnering approach with our clients and customers towards a more sustainable future.”

Through this strategic collaboration, Absa and Proparco reaffirm their shared commitment to fostering sustainable growth, paving the way for a resilient future for Mauritius and beyond.