The Mauritius Investment Corporation Ltd (MIC) is providing comprehensive insights into the organisation’s performance, governance, and strategic direction for the financial year ending 30 June 2023. Below is a summary:
Key Highlights
- Overview:
- MIC is a wholly-owned subsidiary of the Bank of Mauritius, established to stabilise the economy during COVID-19 and build long-term economic resilience.
- Strategic investment portfolios include Equity Participation, Future Generations, and Infrastructure.
- CEO’s Message:
- MIC’s assets under management have grown significantly, reaching MUR 82.9 billion.
- Investments are focused on innovation, self-sufficiency, and sustainable development, with new initiatives like Venture Capital and Growth Capital Funds.
- Vision and Mission:
- Vision: Enhance national wealth and create opportunities for future generations.
- Mission: Support Mauritius’ economic development through strategic investments and fostering an innovation-driven economy.
- Governance:
- Operates under robust corporate governance, guided by the Board of Directors and sub-committees like the Audit and Risk Committee.
- Emphasises accountability, transparency, and responsible investing, integrating ESG principles.
- Investment Strategy:
- Follows a disciplined three-stage investment process: due diligence, committee review, and board decision.
- Key sectors include hospitality, agriculture, manufacturing, and real estate.
- Investments support systemic stability and long-term growth.
- Risk Management:
- Comprehensive framework addressing financial, operational, and ESG risks.
- Aims to mitigate risks like market volatility, credit default, and environmental challenges.
- Key Achievements:
- Joined the Africa Sovereign Investors Forum (ASIF) to promote sustainable development in Africa.
- Signed the Diversity, Equity, and Inclusion Charter, reinforcing its commitment to an inclusive business community.
- Hosted and participated in international forums discussing sovereign wealth fund strategies and sustainable urban development.
- Financial Highlights:
- Revenue: MUR 2,268 million.
- Investments in 52 companies, with disbursements exceeding MUR 51.7 billion.
- Future Outlook:
- Plans to diversify investments further, focusing on renewable energy and strategic industries aligned with national economic priorities.
- Aims to position itself as a driver of sustainable economic development and resilience
Visit the link to read our annual report for the year 2023.