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

The Industrial Finance Corporation of Mauritius (IFCM) Ltd (formerly the Investment Support Programme 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 Centre, in Port Louis.

Speaking on the occasion, Dr Padayachy dwelt on the various opportunities and facilities provided by the IFCM Ltd to enable enterprises to adopt appropriate technologies so as to modernise and transform their processes, thereby rendering them more efficient, cost-effective and productive.

The IFCM Ltd, he said, has been set up following budgetary measure 2020-2021 while emphasising that it will serve as a catalyst to boost industrial development and accelerate the pace for long term economic growth in various sectors such as manufacturing, agro-industry, construction, blue economy, ICT and renewable energy.

The Finance Minister spoke of the implementation of schemes under the Modernisation and Transformation Fund at a preferential rate starting from 2.5% per annum and the implementation 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 near finalisation.

Minister Padayachy also elaborated on the economic situation of the country amid the COVID-19 pandemic while highlighting Government’s continuous commitment to bring adequate support to mitigate the impacts of the crisis by putting Rs 140 billion at the disposal of the economy.

The need to reposition industries and respond to new emerging activities in line with Government’s vision to sustain a resilient and sustainable economy was highlighted by Dr Padayachy. With the reopening of borders positively impacting the tourism industry and investment sector, he looked forward to an economic recovery exceeding 6.5% for this year. “The collaboration of private and public sectors is essential for an inclusive and resilient country, triggered by innovation,” he stated.

As for Minister Bholah, he pointed out that the IFCM Ltd will bridge the gap between enterprises in need of funding and the actual availability of those funds. “The launching of the entity bears testimony to Government’s vision to make sure that enterprises operate in a conducive environment,” he observed.

Regarding the opportunities provided by the IFCM Ltd, he underlined that the Corporation will help to leverage market opportunities at domestic, regional and international level. It will also enable product and process upgrading as well as the promotion of higher value-added activities and high-skilled employment.

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

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