Mauritius will host the COMESA Infrastructure Fund (CIF)

11 years, 3 months ago - June 20, 2011
Boolell signed the host agreement with Sindiso Nwgenya, the secretary general of the Common Market for Eastern and Southern Africa

Mauritius will host the COMESA Infrastructure Fund (CIF) as a private limited company.

Making the announcement on Friday afternoon, the minister of Foreign Affairs, Regional Integration and International Trade, Arvin Boolell added that the CIF addresses productive capacity and infrastructure needs that will combine donor grants with private sector funds for affordable financing of regional infrastructure projects.

Boolell signed the host agreement with Sindiso Nwgenya, the secretary general of the Common Market for Eastern and Southern Africa (COMESA) in Port Louis on Friday. The fund is set to receive a boost from the European Union and payment will be made through the Bank of Mauritius.

Nwgenya hailed the location of the island and its advantageous financial aspect as the offshore sector receives massive funds.

Boolell added that discussions for the free trade agreement were also underway between countries such as Mauritius, Madagascar and Seychelles among others.

The pair also had a meeting with vice prime minister, minister of Finance and Economic Development, Pravind Jugnauth to look at the different avenues for cooperation. He hopes to bring together the Regional Multidisciplinary Centre for Excellence and the AFRITAC to train locals in macroeconomics to facilitate budget preparation, for example.

“We are giving new impetus and the fund will work with the International Monetary Fund to ensure Africa plays a role in the long-term,” said Boolell

Text by the Independent

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