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IFC to Help Standard Bank Mauritius Increase Financial Services for Businesses


In Johannesburg:
Houtan Bassiri
Phone: +27-11-731-3179
E-mail: hbassiri@ifc.org


Port Louis, Mauritius, September 23, 2008—IFC, a member of the World Bank Group, today announced that it will invest in Standard Bank Mauritius to help increase financial services for Mauritian businesses, deepen the country’s financial markets, and boost competition in the banking sector.

IFC’s $20 million loan will qualify as Tier II capital for Standard Bank Mauritius. It is part of a $75 million loan facility that IFC signed with the Standard Bank Group in 2006 to strengthen the capital base of several of its African and Indian Ocean subsidiaries and expand operations across the region.

“IFC and Standard Bank share a commitment to improving financial services available to businesses across Africa,” said Chris Clarkson, CEO of Standard Bank Mauritius. “Working with IFC will enable us to provide investment banking and advisory services to more local businesses to help them adapt better to economic changes and take advantage of regional opportunities.”

“A strong financial system is crucial for a well-functioning private sector by promoting competition and helping integrate domestic and international markets,” said Aida der Hovanessian, IFC Country Manager. “IFC is committed to developing strong financial markets to promote economic growth and help reduce poverty.”

About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit
www.ifc.org