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SUNREF III for Climate Change Adaptation - Mauritius

SUNREF III for Climate Change Adaptation - Mauritius

SUNREF (Sustainable Use of Natural Resources and Energy Finance) is the green credit line developed for companies by AFD, which has been in place in Mauritius since 2009. The programme has allowed the mobilisation of more than 150 million euros of investments to finance over 400 projects. Moreover, through the European Union (EU) grant for technical assistance, the programme has created an ecosystem suited to green investments.  

The third credit line, SUNREF III, will benefit from this existing ecosystem, aiming to be more ambitious and innovative in order to facilitate the transition of Mauritius towards a green economy, focusing on climate change adaptation and professional gender equality which will be a central focus of this new credit line.

The project will support the country’s climate change adaptation efforts by facilitating the development of private and/or public companies as well as individual projects which contribute to one, or several, actions listed in the Nationally Determined Contributions (NDC) of Mauritius (coastal management, water resources management, etc.…).

SUNREF III is a credit line of 75 million euros that will be implemented by two partner banks, Mauritius Commercial Bank (MCB) and State Bank of Mauritius (SBM), coupled with a grant of 3,75 million euros and technical assistance financed by the European Union and implemented by AETS and AERE.

The technical assistance component will be organised around 4 main activities during this 4-year project:

  • Support to partner banks and project sponsors to determine the eligibility of the projects for SUNREF,
  • Visibility of the program through continuous communication activities to stimulate the emergence of a green finance market in Mauritius,
  • Capacity building of partner banks through support in the development of their green marketing and environmental & social policy,
  • Development of sectorial studies to support the emergence of projects in innovative sectors, specifically around climate change adaptation and professional equality between men and women.