After Spending Rs51.7 Billion, MIC Shifts to Cautious Approach

The Mauritius Investment Corporation (MIC) has spent Rs51.7 billion to support 52 entities since its establishment in June 2020.

The MIC initially had Rs80 billion available and still has around Rs30 billion left. Recent data shows that the MIC has spent almost Rs48 billion by November 2022, assisting 47 companies.

The MIC was created to aid the Mauritian economy during the COVID-19 pandemic and now focuses on more cautious spending.

The biggest investment was Rs25 billion to save Air Mauritius, resulting in the MIC acquiring a 49% stake in Airport Holdings Ltd (AHL).

AHL also owns other companies such as Airports of Mauritius Ltd. Additionally, the MIC made a Rs4.45 billion land transaction to acquire Mon Trésor Smart City and land in Plaine-Magnien and Britannia.

The funds disbursed by the MIC were allocated to various sectors, with significant portions going to the hotel and catering sector (28.4%), agriculture and fishing (14%), and manufacturing (5.5%).

Source: Defi Media