Mauritius and France signed three agreements covering investment protection and sustainable Development, in Port Louis yesterday afternoon. The Vice-Prime Minister, Minister of Finance and Economic Empowerment, Dr Rama Sithanen, signed on behalf of the Mauritian Government and the French Government was represented by the Secretary of State for External Trade, at the Ministry of Economy, Industry and Employment, Mrs Anne-Marie Idrac, who was on official visit in Mauritius on 8 March 2010.
The agreements are as follows:
The agreements are as follows:
- an Investment Promotion and Protection Agreement(IPPA) between Mauritius and France;
- two financing agreements for general budget support: one, with the Agence Française de Développement (AFD) for a loan amounting to Euro 125 million for the environment and energy sectors with the overall objective to contribute to the sustainable development of Mauritius, and the other, a grant of Euro three million from the European Union, for the Environment Aid Programme for Mauritius (EAPM), financed by the Global Climate Change Alliance (GCCA), which aims at supporting the most vulnerable countries with respect to their capacity to adapt to the effects of climate change.
The core principles under the IPPA are the granting of most-favoured-nation treatment to investors of the two contracting parties in addition to fair and equitable treatment in conformity with the provisions of international law. The IPPA will also establish a predictable investment framework and contribute to the engendering of a stable business environment which will benefit both countries in terms of job creation, increased domestic economy efficiencies and opportunities to attract new investment and technology in support of the competitiveness and economic growth.
As regards the two financing agreements by the AFD and EU, they will complement and reinforce the budget support programme by sharing similar global objectives of financing projects and initiatives in the context of climate change and sustainable development. Funds under the EC EAPM grant, designed to support sustainable development, climate change and adaptation measures in Mauritius, will be disbursed in two equal fixed tranches of Euro 1.4 million each in 2010 and 2011. The remaining Euro 200 000 will serve for the purpose of capacity building within the EAPM.
Another agreement was signed between the State Investment Corporation Ltd and the Compagnie Française d'Assurance pour le Commerce Extérieur (COFACE), to allow Mauritian investors to benefit from export credit insurance scheme.
As regards the two financing agreements by the AFD and EU, they will complement and reinforce the budget support programme by sharing similar global objectives of financing projects and initiatives in the context of climate change and sustainable development. Funds under the EC EAPM grant, designed to support sustainable development, climate change and adaptation measures in Mauritius, will be disbursed in two equal fixed tranches of Euro 1.4 million each in 2010 and 2011. The remaining Euro 200 000 will serve for the purpose of capacity building within the EAPM.
Another agreement was signed between the State Investment Corporation Ltd and the Compagnie Française d'Assurance pour le Commerce Extérieur (COFACE), to allow Mauritian investors to benefit from export credit insurance scheme.
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