The State Bank of Mauritius has launched ECOLOAN

The State Bank of Mauritius has launched ECOLOAN, which offers the opportunity to individual clients and small and medium entrepreneurs to take a loan to equip their homes or offices with photovoltaic installations. 

This enables them to produce electricity either for their own consumption or to sell to the Central Electricity Board.

The bank can finance the project completely and the loans are available at a prime lending rate. The payback period is of a maximum of seven years. Chief Executive of the SBM Gautam Vir said during the presentation on Tuesday that the bank is proud of this new scheme. 

“I believe as responsible citizens, we should all care for our environment and that each one of us should do his or her share in reducing the carbon footprint.” The SBM has already found its first client. 

Dr Mukesh Sooknundun, director of the Clinique du Nord, who has taken a loan to equip his clinic with a photovoltaic system. “I thank the SBM for the support given to me in this venture and hope that it helps us in our quest for green energy solutions for a carbon-free Mauritius.”