Belgium: EIB loans Mauritius 15 million euros for sugar

The European Investment Bank (EIB) granted Mauritius a loan of 15 million euros to fund the construction of two sugar refineries as part of a programme to reform the sugar industry in the Island.

In addition to building two new refineries, the loans will help to improve storage and handling facilities, as well as to fund the expansion works of an existing refinery, according to a statement made available Tuesday to the media in Brussels, Belgium, by the EIB.

The European Union (EU) had decided to mobilize, via the EIB, a total of 100 million euros to help ACP countries that are sugar producers to face the gradual decrease in the price of this product in European markets.

These loans are consistent with the overall strategy to improve the sugar sector, adopted by the Mauritian government to ensure the sustainability of its sugar industry.

The loans granted by the EU will create at least 70 new jobs in addition to main taining some 500 workers in the sugar industry of this Island in the Indian Ocean, the statement said.

source: afriquejet