Mauritius to construct refineries using €15m EIB loan
5 February 2010
Mauritius is to use a €15 million (£13.1 million) loan from the European Investment Bank (EIB) to construct two sugar refineries.
The money forms part of a larger strategy aimed at ensuring the long-term viability of the island's sugar sector, which has an annual target of 600,000 tonnes.
Omnicane will receive the funding and also use it for sugar storage and handling facilities. A total of 70 jobs are set to be created and the sugar will be sold to German firm Sudzucker.
The loan follows one the EIB approved last August for the FUEL Sugar Milling Company. Each benefits from a 10th European Development Fund interest subsidy and is aimed at helping Mauritius' sugar industry modernise and become more competitive.
EIB vice-president responsible for Africa, Plutarchos Sakellaris, said: "This is the first project that implements the Port Moresby Declaration and is yet another example of successful cooperation between the EIB and the European Commission supporting EU policies."