Mauritius Investment Corporation: a key player in Mauritius’ economic stability

On May 7, 2024, the Bank of Mauritius (BoM) unveiled its 56th annual report and audited accounts for the fiscal year 2022-2023. The report kicked off with a notable revelation: BoM raked in a profit of 1.8 billion Rs (equivalent to 39 million USD) solely from its operational endeavors.

At the national level, BoM witnessed a significant uptick in assets to the tune of 147 million USD, largely propelled by the activities of the Mauritius Investment Corporation (MIC). Harvesh Seegolam, Governor of the Bank of Mauritius, underscored the pivotal role of MIC within the bank’s overarching strategy.

Seegolam emphasized MIC’s instrumental contribution to maintaining financial stability amidst the pandemic by safeguarding the banking system and overseeing corporate financial flows. Moreover, he credited this financial entity with preserving Mauritius’ economic framework and providing a safety net for numerous Mauritian households.

The Governor further lauded MIC’s outstanding performance in the past fiscal year, noting its pivotal role in fortifying the Bank’s financial standing. Notably, by June 30, 2023, MIC greenlit 50 projects totaling approximately 1.2 billion USD, of which 1 billion USD had already been disbursed.