A National Resilience Fund CSR intervention cheque totalling USD 200 000 was presented, today, by the Eastern and Southern African Trade and Development Bank Group (TDB Group) to the Mauritian Government during the opening ceremony of the 38th Annual General Meeting of the Board of Governors of the TDB Group held at Long Beach Hotel, in Belle Mare.
The Minister of Finance, Planning and Economic Development of the Republic of Uganda, and TDB Group Chairperson, Mr Matia Kasaija, presented the National Resilience Fund CSR intervention cheque to the Minister of Finance, Economic Planning and Development, Dr Renganaden Padayachy, on that occasion. Dr Padayachy is also the TDB Group Incoming Chairperson of the Board of Governors.
The Secretary General of COMESA, Ms Chileshe Kapwepwe; TDB Group President Emeritus and Managing Director, Mr Admassu Tadesse; the Governor of the Bank of Mauritius, Mr Harvesh Seegolam; Finance Ministers and Governors of TDB Group; and other personalities were also present during the events.
In his address, Minister Padayachy expressed deep appreciation for the grant of USD 200 000 which will help in the implementation of a programme aimed at offering financial aid to registered fishermen so as to increase the local fish production.
The National Resilience Fund (NRF) CSR intervention cheque, he underscored, will allow Government to allocate a financial support to fishers for the purchase of fishing boats, commonly called 'Cannottes' (between 7 metres and 12 metres in length). This will enable fishers to enhance their livelihoods and encourage them to fish in the outer lagoon, he said.
Therefore, under the 'Cannottes' Scheme, a registered fisherman will receive a grant up to a maximum Rs 200 000 per 'Cannotte' representing 50% of the cost of the boat and its engine, Dr Padayachy explained. The beneficiary will then contribute personally to finance the remaining 50% or contract a loan with the Development Bank of Mauritius at a concessional interest rate, he stated. For him, this is proof of a concrete project that will serve the economy and the population and is a testimony of regional and institutional cooperation.
Speaking about the NRF, Dr Padayachy indicated that its main objective is to reinforce the resilience of the Mauritian economy by funding programmes and projects aimed at enhancing the autonomy of vulnerable persons and at offering employment opportunities to the youth and the unemployed as well as a set of other programmes and projects promoting the country's economic resilience.
As regards the handing over of the TDB Group Board of Governors Chair to Mauritius, he noted that this is being done at a crucial moment as the present AGM will pave the way for the elaboration of the strategy of TDB Group for the next five years.
Mauritius, underlined the Finance Minister, is honoured to be one of the host countries of the TDB Group. For him, the theme of the 38th AGM 'Growth and transformation for a prosperous, inclusive and durable future' is in line with the socio-economic strategy of the Government of Mauritius.
The Minister also reaffirmed the determination of the country to continue support the mission of TDB Group which is to accompany growth and economic integration of the southern and eastern African region.
In his remarks, Minister Kasaija recalled that the world at large including our region came into 2021 on the back of a very difficult 2020, one of deep recession and socio-economic troubles. Fortunately, 2021 was much better as our economies rebounded, with our African continental economy growing back strongly with 6.9% annual real GDP growth, he pointed out.
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The Minister also emphasised that TDB Group has successfully navigated through the difficult economic and institutional environment to deliver strong results. Our Bank's assets and net profits continued to grow, rising by 10%, while its equity capital grew by 11%, he indicated. It is particularly commendable that TDB has managed to protect its investment grade credit ratings, amidst tough headwinds, he commented.
For his part, Mr Tadesse spoke about the Bank's results and developments over the last year and also presented some of the highlights of the outcomes of the 2021 fiscal year of TDB Group
It is recalled that Mauritius will be taking up the role of Chairperson of the Board of Governors, in line with the Board of Governors' Rules of Procedure and the provisions of the TDB Charter.
