Mauritius: Financial Sector Has a Key Role to Play in Enabling Mauritius Achieve Sustainable Growth, Says Prime Minister

press release

The financial sector has an important role to play in the transition of Mauritius to realise a more sustainable, greener, inclusive and robust growth, and the public and private sectors are to act as the contributors in this transformative journey.

The Prime Minister, Minister of Home Affairs, External Communications and National Development Unit, Minister of Finance and Economic Development, Mr Pravind Kumar Jugnauth, made this statement today at the opening ceremony of the 18th annual conference and meeting of the Institut Francophone de la Regulation Financière (IFREFI) at the Westin Turtle Bay Resort & Spa in Balaclava.

A Memorandum of Understanding (MoU) was signed between the Financial Services Commission (FSC) of Mauritius and the Capital Markets Authority (CMA) of Lebanon following the ceremony. Signatories were the Director-General of the FSC, Mr Harvesh Seegolam, and the Executive Member of the CMA, Mr Sami Saliba. The MoU has as objectives to reinforce capacity development and promote mutual assistance between both organisations.

In his address at the inaugural ceremony, Prime Minister Jugnauth highlighted that it is the first time that Mauritius is hosting the IFREFI's annual conference and it provides an opportunity to create new synergies and reinforce links among regulators of Francophone countries of the region.

The Prime Minister further spoke of Mauritius' commitment in promoting its reputation as a sound and well-regulated jurisdiction while emphasising on the need to reinforce the position of the country as an International Financial Centre for Africa. Mr Jugnauth also recalled his recent mission in Japan whereby he participated in the seventh Tokyo International Conference on African Development (TICAD7) held from August 28 to 30.

Mr Jugnauth also reiterated the set objectives to transform Mauritius into a high income economy by 2023 while promoting an innovative environment favourable to smarter investment and reduce greenhouse gas emissions by up to 30% by 2030.

With regard to fostering green finance on the African continent, the Prime Minister stated that Budget 2019-2020 makes provision of several measures comprising a framework for Green Finance in line with the 'Marrakech Pledge' - which is a continental coalition of African Capital Markets Regulators and Exchanges.

For his part, the President of the Autorité des marchés financiers of France, Mr Robert Ophele, emphasised that the present conference is serving as an important platform for regulators anchored in sustainable finance and is taking into consideration environmental, social and good governance criteria.

As for the Chairperson of the FSC, Dr Renganaden Padayachy, he pointed out that the FSC as a regulatory body, joined the IFREFI in 2016 and is committed to the sustained development of Mauritius as a sound and competitive Financial Services Centre.

IFREFI's 18th conference

This 18th annual conference and meeting organised by the Institut Francophone de la Regulation Financière and the Financial Services Commission, is being held from 04 to 06 September 2019. More than 150 participants, both local and foreign regulators of the financial services are attending the conference which is focusing on the theme Finance and Sustainable Growth.

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