Bank of China Expresses Interest to Set Up Branch in Mauritius
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The Bank of China has expressed interest to set up a branch in Mauritius. This was announced by the Minister of Finance and Economic Development, Mr Vishnu Lutchmeenaraidoo, yesterday at Opium Restaurant, Audi Zentrum, Réduit, during the signing of a Memorandum of Understanding (MoU) pertaining to the Jinfei Zone at Riche Terre.
Minister Lutchmeenaraidoo lauded the intention of the People’s Republic of China towards the setting up of the Bank, which he said will be a significant addition to the financial landscape of Mauritius as well as an important financial tunnel from China to Africa through Mauritius.
This he added, owing to the fact that the Bank of China is one of the five biggest state-owned commercial banks in China and is also China’s most international and diversified bank present in 37 countries.
It will be recalled that the MoU on the Jinfei Zone at Riche Terre was signed by the Government of Mauritius and the Mauritius Jinfei Trade and Cooperation Zone Co. Ltd and the Shanxi Jinfei Investment Co. Ltd in view of further consolidating bilateral relations between the two countries following negotiations with the Jinfei Group in January 2015.
The MoU which will pave the way for a more pragmatic approach to the development of the resources at the Jinfei Zone in Riche Terre to the mutual benefit and satisfaction of all parties also provides for:
– The 500 arpents of land initially leased to the Jinfei group to be transferred back to the Government of Mauritius;
– Signing a new lease agreement to an extent of 75 arpents with the Jinfei group, on which they have already started development and constructed some buildings. This will be a rental-free arrangement as a set off against the investment of Rs 765 million made by Mauritius Jinfei in on-site- infrastructure and for the provision of utilities such as water, electricity and internal roads network;
– In Phase 2 of the new development project, a further 100 arpents will be allocated to the Shanxi Investment Group to complete their Smart City project;
– The remaining 325 arpents will be leased by Government of Mauritius to private investors; and
– Setting up of a joint-venture company with the Government of Mauritius holding 80% of the shares and the Shanxi Investment Group 20%. The company will design and develop a Master Plan for a Smart City Project at Riche Terre and act as a Management Company to attract developers to the Smart City, maintain and manage all onsite infrastructures.
The project at Riche Terre will also comprise port and logistics activities given the strategic location of the site in line with Government’s vision to modernise the port infrastructure and extend the port zone up north to Baie du Tombeau.
The Riche Terre site which is ideally located will hence accommodate dry port facilities, freeport operations, and light industrial processing activities for which expressions of interests have been received from Mauritian companies to develop the Freeport warehousing infrastructure.
