Enterprises will be entitled to receive an amount equivalent to the 15 days’ basic wage bill for all of its employees drawing a monthly basic wage of up to Rs 50,000 subject to a cap of Rs 12,500 per employee.

Employers may submit their application online. The application form is available on the website of the Mauritius Revenue Authority (MRA).

For any information or assistance under this Scheme, the MRA may be reached by email to headoffice@mra.mu or mobile numbers 5941 2782 or 59412783.

 

 

The Bank of Mauritius is introducing a Special Relief Amount of Rs 5 billion through commercial banks to meet cash flow and working capital requirements of economic operators which are being directly impacted by COVID-19. This Special Relief Amount will be made available, through commercial banks.

The interest rate is 2.5% per annum and there will be a moratorium of six months on capital and interest repayments, with the loan repayment period being two years.

The Cash Reserve Ratio applicable to commercial banks has been reduced from 9% to 8%. It aims at supporting commercial banks to further assist businesses which are being directly impacted by COVID-19. 

The Bank of Mauritius has put on hold the Guideline on Credit Impairment Measurement and Income Recognition, which was effective since January 2020. This measure will allow commercial banks to continue supporting enterprises facing cash flow and working capital difficulties in the context of COVID-19.

The Bank of Mauritius is introducing a 2.5% Two-Year Bank of Mauritius 2020 Savings Bond for an amount of Rs 5 billion from 23rd of March 2020

Process

Any clarification or additional information may be addressed to the Bank of Mauritius on communications@bom.mu

The State Investment Corporation (SIC) Ltd has launched an Equity Participation Scheme to assist enterprises with annual turnover exceeding Rs 250 million to overcome their financial difficulties in the wake of COVID-19.

Enterprises with annual turnover of up to Rs 50 million will benefit from a reduced interest rate of from 2.5% instead of 3.9% under SME Factoring Scheme.

Enterprises with annual turnover ranging between Rs 50 million and Rs 1.5 billion will benefit from a reduced interest rate ranging between 2.5% and 3.35% per annum. 

ISP Ltd will issue corporate guarantee to banks to enable them to grant loans to companies affected by COVID-19, on a case to case basis.

 

The SME Equity Fund Ltd will reduce its minimum return dividend rate requirement on equity /quasi-equity financing from 6% to 3% up to 31 December 2020. Thereafter, normal conditions and dividend rate of 6% will be applicable.

Development Bank of Mauritius Ltd

Enterprises with annual turnover of up to Rs 10 million will benefit from a reduced interest rate 2.5% instead of 3.5% up to 31st December 2020 and a grant of 15% up to a maximum of Rs 150,000.

A Revolving Credit Fund of Rs 200 million has been established at the Development Bank of Mauritius Ltd to help companies with turnover of up to Rs 10 million to ease cash flow difficulties up to Rs 1 million with repayment over 2 years. Interest will not be payable if loan is repaid within 9 months. Otherwise, interest will be at a rate of 6% per annum.

Process

·     The COVID-19 ‘Plan de Soutien’ Cell has been set up and comprises the State Investment Corporation Limited (SIC), Investment Support Programme Limited (ISP), SME Equity Fund Ltd (SEF) and Development Bank of Mauritius Ltd (DBM).

All applications to be submitted to -

 

Mauritian households impacted by COVID-19 may request their commercial banks for a moratorium of 6 months on capital repayments on their existing household loans as from the 1st April 2020.

In addition, for households earning a combined monthly basic salary of up to Rs 50,000 the Bank of Mauritius will bear the interest payable for the period 1st April 2020 to 30th June 2020 on their outstanding household loans with commercial banks.

The terms and conditions will be made available through commercial banks as from Monday 30th March 2020.

The Bank of Mauritius is introducing a Special Foreign Currency (USD) Line of Credit targeting operators having foreign currency earnings, including SMEs.

This line of credit shall be for an amount of USD 300 million, to be made available through commercial banks. Funds will be made available to commercial banks at 6-month USD Libor for this facility.

This line of credit will be available from the 24th March 2020 until the 30th June 2020 and repayment will be over a period of 2 years from the effective date of disbursement.

The Bank of Mauritius is introducing a USD/MUR swap arrangement with commercial banks for an initial amount of USD 100 million.

This arrangement will enable commercial banks to support import-oriented businesses, except for the State Trading Corporation which will be dealing directly with the Bank of Mauritius for its foreign currency requirements until further notice.

The swap arrangement will be effective as from the 24thMarch 2020 until the 30thJune 2020.

Process

Any clarification or additional information may be addressed to the Bank of Mauritius on communications@bom.mu​

Communique of the Bank of Mauritius

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