Republic of Mauritius- Signature of MoU to ensure bankability of the Special Economic Zones

The MoU, which paves the way for MAF to avail of KPDC’s world class project development expertise in infrastructure projects towards the setting up of Special Economic Zones, was signed by the Deputy Financial Secretary and Chairman of MAF, Mr Radhakrishna Chellapermal and the Chief Financial Officer (CFO) and Investment Director of KPDC, Mr Sanjay Ghag.

In a statement to the press, Mr Ghag pointed out that the development of Special Economic Zones is a key component of the Africa Strategy of Mauritius. He added that the signature of the agreements on Special Economic Zone will lead to formalise a conducive framework between MAF and KPDC along mutually beneficial lines and enhance economic development.

Speaking about the agreements, the CFO underlined that the KPDC intends to create real investment opportunities for a diverse set of investors so as to replicate Indian infrastructure privatisation experience for the benefit of the African continent. Mauritius has been looked upon as a gateway to Africa and this agreement becomes another landmark step in the strengthening of Mauritius-India ties, he added.

He highlighted that MAF is currently undertaking the setting up of Special Economic Zones in Senegal, Ghana, Kenya and Madagascar with the respective Governments under a Government-to-Government framework with the view to catalyse and facilitate investment from Mauritius into the African continent adding that focus will be given to project development and to the enhancement of economic relations.

The KPDC, Mr Ghag recalled, is a joint venture promoted by the Exim Bank of India, the State Bank of India, the African Development Bank and the Infrastructure Leasing and Financial Services incorporated to develop infrastructure Public-Private-Partnerships (PPP) projects in Africa. Mauritius-headquartered, the company has an initial capital commitment of USD 25 million from its shareholders.