25.9 C
Lagos
Tuesday, February 7, 2023

AfDB to help Mauritius build sustainable infrastructure, economic resilience

The Board of Directors of the African Development Bank (AfDB) Group on December 15, 2022, in Abidjan approved the Mauritius Country Strategy Paper for 2022-2027 and the implementation of the identified priority development areas.

Akinwumi Adesina
African Development Bank (AfDB) President, Akinwumi Adesina

In addition to building economic resilience by improving the business environment and high value-added production, the bank plans to focus its development efforts on sustainable infrastructure and environmental protection.

“The main objective of the new Country Strategy Paper is to support Mauritius’ ambitions to become a high-income country by 2030 through a more productive, sustainable, inclusive and resilient economy by further unlocking the country’s full potential in agriculture, information and communication technology, finance, and the blue economy to move up the value chain,” said Leïla Mokaddem, the African Development Bank’s Director General for Southern Africa.

The bank aims to promote private sector development to foster and build a more productive, sustainable, inclusive and resilient Mauritian economy. It will support key economic, regulatory, and institutional reforms to reduce operational costs and create a more attractive environment for private investment.

The AfDB will help create an enabling environment for agri-business, innovation, and skills to improve employability, especially for youths and women, and better prepare the workforce for future labour challenges. It will also help improve the economy’s competitiveness.

Another priority area for the bank is helping to eliminate bottlenecks that increase production costs and hinder companies’ competitiveness. The focus will be on infrastructure development, especially in the energy, water, and transport sectors.

The bank will support the strategic development and upgrading of cost-effective infrastructure to increase Mauritius’ regional and international connectivity and competitiveness. Support to the energy sector will focus on transforming the country’s energy mix to facilitate its transition to green energy and implementing the national Renewable Energy Roadmap 2030.

The bank will consider climate change resilience in infrastructure projects to enhance sustainability and assist the country in mitigating the hydro-meteorological impact on infrastructure.

As of September 30, 2022, the African Development Bank Group’s active portfolio in Mauritius consisted of five operations with a budget of $262.29 million.

Latest news

- Advertisement -
- Advertisement -

You might also likeRELATED
Recommended to you

%d bloggers like this: