MIC to make its first disbursements to companies in financial distress

​GIS – 28 July 2020 :The Mauritius Investment Corporation (MIC) has so far received applications from 40 companies and will shortly make its first disbursement to big corporates that are in financial distress following the Covid-19 crisis.

The Minister of Finance, Economic Planning and Development, Dr Renganaden Padayachy, made this announcement in a press statement following a meeting held yesterday, with various representatives including those of the Bank of Mauritius (BoM), the Economic Development Board of Mauritius, the MIC, and the State Investment Corporation. The meeting aimed at taking stock of the evolution of Covid-19 and the related measures and schemes announced before and during the 2020-2021 Budget.

The Minister expressed satisfaction as regards the progress of the works being carried out by the concerned institutions and highlighted that the meeting is closely monitoring the economic situation so as to address any challenges and bottlenecks, in particular for the SME sector.

We discussed those measures and schemes that do not require the finalisation of the Finance Bill 2020 and at the same time took stock of the state of matters in different institutions, he said.

Dr Renganaden Padayachy also pointed out that the Investment Committee of the BoM is looking forward to investing in Mauritius and is currently analysing the financial situation of companies in distress.

He underlined that the proactive and bold measures taken by the Government in the wake of the Covid-19 pandemic have limited the ensuing social, economic damages and consequences on employment, that have enabled us to sustain our economy. 

The Minister indicated that some Rs 500 million is disbursed each month for the assistance being provided to those working in sectors severely impacted by the pandemic, namely under the Wage Assistance Scheme and the Self-Employed Assistance Scheme.

He also announced that a one-stop shop will be set up for any related information, services and queries from the public regarding the series of measures and schemes being provided by the Government.