Mauritius: Government programme improves SMEs' access to credit
Reforms from the government in Mauritius to facilitate access to credit for small and medium-sized enterprises (SMEs) are beginning to show results.Finance Minister Xavier Duval has just announced that Rs109 million (€2.8 million) was lent to businesses between December 2nd 2011 and January 31st 2012 as part of a new programme aiming to improve access to credit for SMEs, l'Express de Maurice reports.
A total of Rs200 million worth of applications were registered at the 14 banks participating in this operation over the same period.
This programme, described as "revolutionary" by the minister, aims to make available over the next three years a sum of Rs1 billion per year to SMEs at a preferential rate.
Loans are guarantied at 35 percent by the government through an equity fund.
Other initiatives introduced by the authorities to improve access to credit for SMEs include the Leasing Equipment Modernisation Scheme, which allows SMEs to invest in the expansion of their production capacity.
The European Investment Bank has also granted €5 million to Mauritius Leasing that will be used to grant loans to SMEs through leasing.