Maubank’s new scheme to finance green projects at 100%

Maubank has rolled out a Green Financing Scheme that will assist individual and firms adopt solutions to reduce pollution.

Through the scheme, the State-owned bank will be offering 100% financing on the leasing of electric vehicles – at an interest rate of 3.75%, reimbursable over 78 months.

The scheme also provides 100% financing on the purchase and installation of solar water heaters and solar panels.

Individuals may receive between Rs 25,000 to a maximum of Rs 1M, repayable over a period of up to 60 months and at an interest rate starting at 5.30%.

Businesses may also be financed up to 100%, with interest rates starting at 5.30% for projects of up to Rs 5M, re-payable over 60 months.

Premchand Mungar, Chief Executive of MauBank, said a concessional fee schedule is applicable in all cases.

“The scheme will help individuals adopt green solutions and convince more SMEs to embark on their green and sustainability journeys in line with Sustainable Development Goals,” he said.

Mauritius is promoting the use of renewable and clean energy to reduce the country’s dependence on fossil fuels and reduce greenhouse gas emissions. Renewable energy sources are expected to generate 35% of national electricity consumption by 2025.