Wednesday, February 3, 2010

The Port Moresby declaration: EIB to fund sugar reform in Mauritius

After the EIB’s EUR 13m loan made in August 2009 to FUEL Sugar Milling Company Ltd, a new EUR 15m loan has been decided for Omnicane to construct two sugar refineries in Mauritius. This funding is a part of the European Union’s wider support of reform in the Mauritius sugar industry.Both loans will benefit from an interest subsidy from the 10 th European Development Fund (EDF). The Mauritius Sugar Reform Project is the first EIB funded initiative that implements the 2006 Port Moresby Declaration through which ACP-EC Council of Ministers agreed to mobilise EUR 1.5bn to contribute to the high adaptation costs ACP sugar producing countries have faced following gradual sugar price reduction across European markets. The investment is part of a wider adaptation strategy developed for the Mauritian sugar sector by both industry and government to ensure the long term viability of the sector.

Plutarchos Sakellaris, European Investment Bank Vice President responsible for Africa said that the European Investment Bank is pleased to work in developing facilities like Omnicane and FUEL in helping to improve the global competitiveness of the Mauritian sugar industry.He considers the project as another example of the successful cooperation between the EIB and the European Commission supporting EU policies.

Ambassador Alessandro Mariani, Head of the Delegation of the European Union to the Republic of Mauritius underlined the European Union support to the sugar sector reform in Mauritius ever since 2006. EUR 135m of grant funds have been allocated for the period 2006-2010 as budget support to the Government of Mauritius and the objective of this financial assistance is to contribute to ensuring the commercial viability and sustainability of the sugar sector. The result would be an increaseof the country's economic competitiveness.

Support provided to Omnicane and FUEL will create some 70 new jobs, in addition to the employment of 500 existing workers. Refined sugar produced by the two companies will be sold to German company Südzucker, world market leader in the sugar sector, under a long-term agreement.

Source Rapid

More information Rapid

linked programmes:

> More European grants

EU states are encouraged to implement national programmes for Roma integration

A report adopted by the European Commission calls for implementing national strategies aiming at integrating Roma population socially and economically. Roma population represents 10 to 12 million of people in Europe.

Youth enemployment: european efforts are required

Several proposals aiming at tackling youth unemployment are on the agenda at the European Parliament: a "European Investment Plan", reallocating EU structural funds for youth employment and a "European Youth Guarantee".

The European Parliament is funding your projects!

The European Parliament’s Communication DG has just launched a new grant programme, which will fund projects aiming at improving citizens’ knowledge of the role and functioning of the European Parliament. This 2012 - 2014 programme was...

Pre-accession assistance instrument (IPA): seven Western Balkan countries are given the possibility to participate to large scale flooding exercise in Croatia

During four days, exercises simulating a large scale flooding are organized in Zagreb for civil protection intervention teams from seven Balkan countries.

The EU launches a pilot phase on European project bonds

A pilot phase on European project bonds was decided today between the Council of the European Union and the European Parliament. This remains an important milestone, and the Danish presidency has therefore played an important role in the efforts t...

Subscribe to our Newsletter

Need an advice?
To place an order?

Contact
Marine Rossi at

33 (0)1 42 54 60 64

Click here to ask me your question in live