Category: News

Inside Kenya’s ambitous plan to raise Sh9trn from green bonds

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With the framework in place, it is a matter of when, not if, the government will issue a green bond, and experts estimate it may be very soon as no hurdle now stands in the way. Green bonds allow public and private institutions to raise finances to be used specifically for environmental projects that help with climate change mitigation and adaptation.

Through the framework, the government specified the kind of projects that will benefit from the proceeds of a green bond, should it float one, focusing on programmes that will boost Kenya’s environmental sustainability.

“Proceeds of the Kenyan Sovereign Green Bond will be used to finance in whole or in part eligible green assets or projects that are to bc identified from the approved National Budget by Parliament,” states the framework. Some of the projects earmarked to benefit from the financing are sustainable water and wastewater management systems, which are expected to increase supply of water to farmers, households and industry, solving one Of the most widespread challenges associated with climate change today.

Other projects will be in renewable energy, projected to reduce the energy access gap; clean transport, including the much anticipated bus rapid transport (BRT); and green residential and commercial buildings to boost energy efficiency.

Green bond

Experts who worked on the framework say it was built on the International Capital Markets Association’s (ICMA) green taxonomy — a standard on what kind of projects can benefit from funds raised from a green bond. Mr Evans Osano, the Capital Markets Director at Financial Sector Deepening (FSD) Africa, which helped in the development of the framework, explains that

The framework also specifies how the government will select and evaluate projects, how the proceeds will be managed and how the impacts of the investments made from the proceeds will be reported. “Credible, science-based, widely supported guidelines about what assets or projects qualify for green bonds help investors make informed decisions about the green credentials of a bond,” says Vimal Parmar, a senior capital markets specialist at FSD Africa.

This means that unlike traditional bonds, green bonds require a much higher level Of transparency about the use Of the funds raised from them, a factor which has been a double-edged sword for the growth of the green bonds in Africa.

While the idea of green bonds is not new, it has remained an elusive concept for African governments. Since its inception in 2008, only two African countries have so far successfully issued sovereign green bonds.

Nigeria was the first country to float such an instrument in 2019, raising $40 million (Sh6.5 billion), followed by Egypt, which raised $750 million (Sh127 billion) in 2020. Globally, 32 countries have issued green bonds, raising around $355.6 billion (Sh57.2 trillion), of which only 0.2 percent has come to Africa, data from the ICMA shows.

Mr Osano believes that the slow issuance in Africa is because “the requirements are quite onerous; therefore, issuers have to be prepared to meet them”. It is not yet clear how much Kenya will seek to raise from the market in the expected first issuance of a green bond, or whether the bond will be floated locally or on the international market, like a Eurobond. However, the climate finance gap is currently estimated at Shll.16 trillion (S69 billion), which is the amount required to meet Kenya’s Nationally Determined Contributions (N DCS) — the country’s climate change mitigation and adaptation commitments — by 2030.

Osano avers that while green bonds may not raise the entire deficit, they are the most important form of climate finance, as “it has the potential to raise the highest amount for climate finance.” I le estimates that up to 75 per cent Of the gap, about Sh8.7 trillion, could be raised from green bonds by 2030.

Ikechukwu Iheagwarn, East Africa regional director at credit rating agency, contends that green bond investors are indeed more concerned with the environmental impact of the finances they raise, rather that the returns, making green bonds much cheaper than traditional bonds.

“Investors in a green bond won’t look at it like a conventional bond. They look at the expected impact and gives concessional terms, so it will definitely be cheaper than other bonds,” says Mr Iheagwam.

Green bonds market

Today, the global green bonds market is estimated to be worth S 2.2 trillion, more than a tenfold increase from what it was worth about ten years ago, positioning the facility as a leading source of climate finance for African countries. With Kenya now much closer to issuing the financial market product that ever, experts contend that it won’t just be a source Of funds for ‘government
projects, it is expected to bolster economic growth, save lives, livelihoods, and businesses, which are already bearing the brunt of climate change.

“Without the green finance from green bonds, no African country will meet the net-zero emissions goal nor the sustainable development goals. We need the finances to realise those goals,” said Rachel Antwi, head of sustainability at Pan-African lender EcoBank. “Climate change has severe consequences over the short to medium term across multiple sectors, such as agriculture, industry, energy, water, trade and tourism. If we don’t act now, it will impede Kenya’s vision to be a nation that has a clean, secure and sustainable environment by 2030.” Explains ESD Africa’s Parmar.

“Ihe National Treasury estimates that every year, floods alone erode 2 to 2.1 percent of Kenya’s gross domestic product, and droughts cost the country about pollution, general environmental degradation and other challenges which either stem from climate change or increase the country’s vulnerability to climate shocks.

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Letter: Current package of half measures can’t cure Africa’s debt crisis

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Moritz Kraemer’s Markets Insight piece (January 19) rejects the suggestion that the downgrading of African sovereign eurobonds is evidence of an anti-African bias. If anything, Kraemer argues, the credit rating agencies have been rating too generously, evidenced by figures showing the default ratio for B-rated African countries has historically been much higher than the global average.

But the data he presents to support this is patchy. African countries do not have a long history of ratings or even market access and in any case this fails to explain why African countries routinely have to pay more for their debt than Latin American countries with similar or riskier profiles.

Where he is right, however, is that criticising rating agencies will not help to solve the debt crisis affecting more than half the low-income economies in sub-Saharan Africa.

The seriousness of the situation cannot be overstated. These countries are paying an average of 31 per cent of revenues as debt service. This leaves little room for spending on development after recurrent expenditure is accounted for. As a consequence, gains on the poverty front are eroding quickly. The World Bank predicts that across sub-Saharan Africa, per capita gross domestic product, which has not increased since 2015, will drop at an annual average rate of 0.1 per cent over the 10 years to 2025, by when the number of people living in absolute poverty will have reached 472mn, or 37 per cent of the region’s population.

Addressing this situation will need more than the current package of half-measures which are aimed at addressing the liquidity problem for market access countries. Africa’s debt crisis is also a solvency one with developmental ramifications. What is needed is a comprehensive approach: the equivalent of the Heavily Indebted Poor Countries (HIPC) initiative, which the World Bank and IMF launched in 1996 to ensure that no poor country faced an unmanageable debt burden.

But safeguards should be put in place to address the moral hazard of debt forgiveness. There should also be much greater attention on reforming the Common Framework — the G20’s mechanism for dealing with insolvency and protracted liquidity problems — to facilitate orderly and quicker debt restructuring for those market access countries that would need to do so.

Evans Osano
Director, Capital Markets, FSD Africa

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Ethiopia stock exchange launch target slips from mid-year on delayed capital raise

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Ethiopian Securities Exchange CEO Tilahun E. Kassahun details short and long-term goals for the country’s planned stock exchange.

The planned timing for the launch of Ethiopia’s first stock exchange since the 1970s has slipped from the middle of this year to the third or fourth quarter, Tilahun E. Kassahun, CEO of the Ethiopian Securities Exchange, tells The Africa Report.

The exchange is seeking to raise S16m, a quarter of which is being provided by the government. About half of the remainder has been secured from the private sector, and the aim now is to close the capital raise by the end of March. The capital raising was opened in November 2023, and the aim had been to close in early January. The Christmas break contributed to the delay in fundraising, Tilahun says. “Foreign investors were out on holiday.”

Privately held Ethiopian bank Zemen has said it will buy a 5% stake in the exchange. FSD Africa, which is funded by the United Kingdom government, will also have a stake. “We want most of Ethiopia’s commercial banks to invest,” says Tilahun, adding that foreign investors including other stock exchanges are being targeted.

“There’s [a] very strong private-sector appetite.” The capital raising is also open to individual investors, and has a minimum ticket size of $180,000.

The exchange is working on a pipeline of about six unnamed state-owned enterprises, which will be listed. The pace of initial public offerings (IPOs) may be gradual. “You can’t have two IPOs in six months in Ethiopia,” Tilahun says. More investor education is needed before there can be a stream of IPOs. “Our retail investors are not educated yet.”

Repatriating funds

Preparations for the exchange have been ongoing for the last 18 months, and have included visits to stock exchanges in Nigeria, Kenya, Ghana, Morocco, Euronext, Malaysia and all three exchanges in China. Cooperation with the Nigeria Exchange Group (NGX) has been ongoing and the NGX has helped prepare the rulebook which will be used in Ethiopia.

As a latecomer to stock exchanges, Ethiopia can learn from previous successes and failures, Tilahun says. The Nigerian exchange “is one of the strongest in terms of management in

The first year is likely to see a focus on listings by introduction of private companies, rather than IPOs, Tilahun says. About eight private companies may be listed in this way in the first year, and some private banks are now taking steps on hiring advisers with a view to listing, he adds.

The long-term goal of the exchange is to have about 90 companies listed within 10 years, with a balance between state-owned and private businesses. Tilahun is confident that foreign investors can be attracted and that they will be able to move their money out of the country. There won’t be any restrictions on investors repatriating principal and dividends, subject to the availability of foreign exchange, Tilahun says.

The government and the central bank are planning new reforms to improve foreign currency availability, Tilahun says. Problems getting money out of the country “are not the result of prohibition”, he says. “When the environment improves, investors get to repatriate their funds.”

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Finance Minister launches SEC’s 5-year strategic plan for market regulation

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The Minister for Finance, Mr Ken Ofori-Atta, has unveiled a comprehensive five-year strategic plan for the Securities and Exchange Commission (), signalling a dynamic approach to market regulation and positioning the Commission as a top-tier securities market regulator in Africa.

Commencing in 2023, the strategic plan outlines five overarching goals and encompasses 60 initiatives designed to fortify the SEC’s role in the financial landscape.

The goals include deepening and expanding markets, enhancing market awareness and education, building the capacity and capability of the SEC, strengthening market infrastructure, and developing a robust legal and regulatory framework.

The official launch took place during the SEC’s Ghana Capital Market Conference, a significant event marking the Commission’s 25th anniversary. The conference focused on the theme “Deepening and Diversifying Ghana’s Capital Market Towards a more Resilient Financial System.”

In his address, Minister Ofori-Atta emphasized the pivotal role of the capital market, contributing approximately 14% to the Gross Domestic Product (GDP) and impacting around 10 million people in the country.

He underscored the government’s commitment to implementing targeted policy initiatives aimed at diversifying the investor base, reducing external dependency, and fostering broader market participation.

The Finance Minister highlighted initiatives, such as the development of a framework for domestic credit rating agencies, aiming to provide impartial assessments of companies and securities. These measures align with the broader objective of ensuring a more positive impact on the economy.

Reverend Ogbarmey Tetteh, the Director-General of SEC, acknowledged the evolving financial landscape and the unique challenges it poses to capital market stakeholders.

He stressed the need for financial markets to evolve, innovate, and develop versatile investment products to navigate the changing environment successfully.

Over the past five years, the SEC has introduced 22 guidelines, enhancing the resilience and robustness of the capital market. Tetteh outlined upcoming guidelines on crowdfunding, green bonds, financial resources, market making, margin trading, securities lending, borrowing, and asset-backed securities, all contributing to market resilience.

The Commission has already initiated the implementation of a Risk-Based Supervision framework, marking a strategic shift from the compliance-based supervision mode of operators.

Established in September 1998, the SEC underwent a name change from the Securities Regulatory Commission to the Securities and Exchange Commission in 2000 (Act 590).

The Securities Industry Act, 2016 (Act 929), further expanded the SEC’s powers, replacing the previous Securities Industry Law, 1993 (PNDCL 333).

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FSDAi Nyala Facility Extends $1mn to WIC Capital to Boost Gender Lens Investing

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FSDAi Nyala Facility BV has extended a USD 1 million loan to WIC Capital, a local capital provider investing in Senegal and Côte D’Ivoire that focuses on financing women-owned and managed Small and Growing Businesses (SGBs).

WIC Capital is led by Ms. Evelyne Dioh Simpa, a Fund Manager with a wealth of finance experience and supported by a robust team and board.

WIC Capital has a strong alignment with FSDAi Nyala Facility due to its unwavering commitment to promoting access to finance for female owned SGBs needed to expand their businesses.

For example, in Senegal, a mere 3.5% of women entrepreneurs access credit from financial institutions.

WIC Capital focuses exclusively on investing in businesses owned and/ or led by women, demonstrating that the financing gap for female-owned enterprises in West Africa can be addressed.

Furthermore, WIC Capital stands out for its innovative product structures tailored to local SGBs.

Notably, its origins in an exclusive women’s angel network, adds to its uniqueness within the FSDAi Nyala Facility portfolio, making it an invaluable learning opportunity for all investors in the small and growing businesses investing ecosystem.

Women entrepreneurs in Africa not only encounter challenges when it comes to access to finance but also grapple with the scarcity of platforms offering the essential knowledge and assistance required for the expansion of their businesses.

WIC Capital works with early-stage, women-owned/ led enterprises to provide first-time external capital as well as business training and mentorship.

Also, WIC Capital leverages a large network of successful women entrepreneurs and civic leaders to co-fund and support these emerging businesses.

The business training and mentorship is provided by the WIC Académie through a technical assistance program.

Alongside the women’s angel network, other funders of WIC Capital include foundations, multilateral donor agencies, and development financial institutions.

“Through its investment in WIC, FSDAi is backing an African women-led capital allocator with deep local angel networks, a creative funding structure and financing solution for small and growing businesses in West Africa. With our investment, WIC can position itself to attract bigger pools of capital to expand its strategy in Senegal and Cote d’Ivoire,” noted Anne-Marie Chidzero, Chief Investment Officer at FSD Africa Investments.

“I am proud that the UK is investing US$1 million in WIC Capital through Financial Sector Deepening Africa Investments. I have seen first-hand WIC Capital’s inspiring work and know that they are a deeply impact-focused organisation. They support young female entrepreneurs in a market where access to funding is a huge barrier for their growth. At the heart of building sustainable and inclusive businesses lies the need to advance gender equality through women’s economic empowerment. I look forward to continuing our collaboration to create jobs and empower Senegal’s talented women,” noted Juliette John, UK Ambassador to Senegal. 

“FSDAi is playing a critical role in the development of an emerging asset class of small business growth funds Africa, particularly women-led funds. The funding of WIC Capital represents an important confirmation of WIC’s innovative approach to financing early-stage women businesses in West Africa.  By melding their business development services, women investment club mentoring with investment capital, WIC provides a comprehensive approach to the challenges that to date have constrained Africa’s women-led businesses to growth and thrive.  We believe this commitment will be the foundation upon which other DFIs and local institutional capital holders can also provide funding to WIC Capital and other innovative local capital managers seeking to invest in Africa’s women businesses,” noted Drew von Glahn, Executive Director of the Collaborative for Frontier Finance.

“WIC Capital’s mission aligns with FSDAi’s desire to address the disfunctions of African capital markets, which include the structural barriers that small businesses face in accessing financing, specifically when they are women led. This partnership will be catalytic in the development of a local capital provider that has the potential to profoundly change the local ecosystem, by providing risk capital and business support to women led small and growing businesses (SGBs), with the ultimate goal of increasing women’s agency and economic benefit. With this investment, we are closing our first fund, and we believe this partnership will help accelerate the mobilization of our second fund to serve SMEs generating a strong impact in Senegal and Côte d’Ivoire,” concluded Evelyne Dioh, Managing Director of WIC Capital.

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TDB Group and FSD Africa Collaborate on Project Preparation Facility for Climate Action Projects in Africa

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The Eastern and Southern African Trade and Development Bank Group (TDB Group) and Financial Sector Deepening Africa (FSD Africa), are pleased to announce a new partnership on the sidelines of COP28 to accelerate the implementation of climate action projects across the continent.

In 2022, TDB launched Class C Green + shares, an innovative equity instrument that provides a pathway for institutional investors to contribute to climate action and SDGs with risk capital, leveraging each dollar invested four times into qualifying projects and transactions.

However, the challenge of lack of bankable green projects persists. To address the latter, TDB Group has set-up a project preparation facility for climate action projects which FSD Africa will strengthen through technical assistance support under this agreement. More specifically, FSD Africa will support the Group through expert services to expand its lending pipeline in line with its Climate Finance Strategy and Green Taxonomy, enable aligned projects to reach financial closure, as well as to continue mobilizing new climate-themed capital to deploy.

Expanding the pipeline of green projects is indeed a priority for TDB Group to meet its commitments in supporting its member states to address climate mitigation and adaptation needs, as well as to create additional opportunities for further investments in Class C Green + shares and deploy available climate-themed funding.

Mary Kamari, TDB Group Corporate Affairs and Investor Relations Executive said, “TDB Group has been positioning itself to accelerate the financing of climate action through its Trade and Development Fund (TDF), where a project preparation facility was set-up. We are pleased to enter into this agreement with a likeminded partner like FSD Africa which will extend valuable capacity support towards our vision to advance climate action in the region.”

Mark Napier, the CEO of FSD Africa said, “Multilateral Development Banks are an important part of the financing ecosystem in Africa. Our partnership with TDB Group will increase project pipeline opportunities, and avail innovative financing instruments and structures to attract institutional capital for Africa’s sustainable development priorities. We are pleased that two African institutions are collaborating on solutions for Africa’s climate financing gap.”

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TDB Group and FSD Africa Collaborate on Project Preparation Facility for Climate Action Projects in Africa

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The Eastern and Southern African Trade and Development Bank Group (TDB Group) and Financial Sector Deepening Africa (FSD Africa), are pleased to announce a new partnership on the sidelines of COP28 to accelerate the implementation of climate action projects across the continent.

In 2022, TDB launched Class C Green + shares, an innovative equity instrument that provides a pathway for institutional investors to contribute to climate action and SDGs with risk capital, leveraging each dollar invested four times into qualifying projects and transactions.

However, the challenge of lack of bankable green projects persists. To address the latter, TDB Group has set-up a project preparation facility for climate action projects which FSD Africa will strengthen through technical assistance support under this agreement. More specifically, FSD Africa will support the Group through expert services to expand its lending pipeline in line with its Climate Finance Strategy and Green Taxonomy, enable aligned projects to reach financial closure, as well as to continue mobilizing new climate-themed capital to deploy.

Expanding the pipeline of green projects is indeed a priority for TDB Group to meet its commitments in supporting its member states to address climate mitigation and adaptation needs, as well as to create additional opportunities for further investments in Class C Green + shares and deploy available climate-themed funding.

Mary Kamari, TDB Group Corporate Affairs and Investor Relations Executive said, “TDB Group has been positioning itself to accelerate the financing of climate action through its Trade and Development Fund (TDF), where a project preparation facility was set-up. We are pleased to enter into this agreement with a likeminded partner like FSD Africa which will extend valuable capacity support towards our vision to advance climate action in the region.”

Mark Napier, the CEO of FSD Africa said, “Multilateral Development Banks are an important part of the financing ecosystem in Africa. Our partnership with TDB Group will increase project pipeline opportunities, and avail innovative financing instruments and structures to attract institutional capital for Africa’s sustainable development priorities. We are pleased that two African institutions are collaborating on solutions for Africa’s climate financing gap.”

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Report reveals 62% of African GDP reliant on nature services

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A recent report by The African Natural Capital Alliance (ANCA) during their co-session with FSD Africa at COP28 reveals critical insights into the exposure of African countries to nature-related risks.

  • 62% of African GDP is dependent on nature services, with 70% of sub-Saharan African communities relying on forests and woodlands for their livelihoods.
  • The reliance on nature services poses significant risks for many African countries due to climate change, deforestation, and degradation of ecosystems.
  • The report urges the African financial sector to foster sustainable financial practices and take proactive measures to address these risks.

According to the report “Nature Stress Testing: Exposure to Nature-Related Risks Across Africa”, 62% of African GDP is dependent on nature services, and 70% of communities in Sub-Saharan Africa rely on forests and woodlands for their livelihoods.

The report stated that the reliance on nature services poses significant risks for many African countries due to climate change, deforestation, and degradation of ecosystems. In addition, the report’s findings hold significant implications for financial regulators and private financial institutions across the continent, as their financial systems and portfolios are likely exposed to similar levels of risk.

With the African financial sector gaining momentum, the report emphasised a growing need for proactive measures to address nature-related risks and opportunities. The stress test explores different nature transition pathways and their potential impact on the profits of businesses across these economies. It identifies how these pathways could create knock-on risks for the financial sector, emphasising the need for proactive measures.

The report specifically assesses the exposure of the African banking sector to nature-related risks, offering consolidated findings from a nature stress testing exercise conducted in five African countries [Ghana, Mauritius, Morocco, Rwanda and Zambia]. These findings hold significant implications for financial regulators and private financial institutions across the continent, as their financial systems and portfolios are likely exposed to similar levels of risk.

According to the report, If current policies and business practices persist, some countries may face substantial nature-related physical risks, especially in sectors like agriculture. The World Economic Forum also estimates that $44 trillion of global economic value creation intrinsically relies upon while also degrading natural capital, with $195 billion being the estimated yearly loss of natural capital in Africa.

To address these risks, the report urges the African financial sector to take steps to foster sustainable financial practices. So far, 16 private financial institutions across seven countries are currently piloting or in the process of piloting the Taskforce for Nature-related Financial Disclosures (TNFD) framework.

The ANCA report provides valuable insights into the challenges and opportunities faced by African economies as they grapple with the impact of nature-related risks. By working together, financial regulators, private financial institutions, and other stakeholders can take proactive measures to address these risks and foster nature-positive African economies.

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Mauritius Commercial Bank (MCB) Capital Markets advises EnVolt on its inaugural Green Project Bond issue

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MCB Capital Markets, the Investment Banking, Asset Management and Principal Investments arm of MCB Group (www.MCBGroup.com), has advised EnVolt on its inaugural issue of MUR 510m (USD 11 million) Green Project Bonds under its MUR 2 billion (USD 45 million) Multicurrency Green Bond programme.

EnVolt, the renewable energy development arm of ENL Group (“ENL”), a diversified investment holding company in Mauritius, is engaged in the construction of 13 solar roof and ground mounted facilities across the island with an aggregate capacity of 14 MWh and an estimated project cost of MUR 680 million (USD 15 million).

The issuance represents a major milestone for the Mauritian debt capital markets. It is the first time that a renewable energy project is financed by a bond issue. It is also the first Green Project Bond issued under the Green Bond Principles 2021 of the International Capital Market Association (ICMA). In line with the FSC Guidelines and international best practices, ENL’s Green Bond Framework was independently reviewed by Morningstar Sustainalytics. FSD Africa, the UK’s financial sector development organisation, provided technical support on the bond programme, as part of its wider Green Bonds programme.

The bond, which was rated by CARE Ratings Africa, raised fixed rate financing in Mauritian Rupees with a tenor of up to 17 years and attracted a broad investor base comprising banks, asset managers and pension funds. MCB Ltd was the largest investor in the bonds.

The project aligns seamlessly with and contributes to the Mauritian government’s ambition to achieve 60% renewable energy production by 2030. As the foremost banking group in Mauritius, MCB fully endorses this initiative, which endeavours to accelerate the country’s transition towards renewable energy. MCB is committed to supporting the transition to a circular and greener economy in line with Mauritius’ Nationally Determined Contribution (NDC), and to fostering local production.

Gilbert Espitalier-Noel, CEO ENL Group, said: “Our group positions itself as a major player in the renewable energy sector. Our initiatives align with the national strategy to produce up to 60% of Mauritius’ energy needs from renewable sources by 2030. Our green bond program will finance the expansion of our production capacity and enable us to contribute significantly to improve the country’s energy mix and energy security.”

Rony Lam, CEO MCB Capital Markets, said: “We are proud to have advised EnVolt on this landmark transaction, which sets international standards for the issuance of Green Project Bonds in Mauritius. This transaction reflects the rapid development of the local currency bond market over the past eight years. The deployment of local resources to finance the domestic economy and infrastructure projects is vital to the development of the African continent.”

Mark Napier, CEO FSD Africa, said: “FSD Africa is pleased to have supported everyone involved in this historic green bond issuance by EnVolt, which we hope sets a precedent for further such transactions not only in Mauritius but across the wider SADC region, building the strength of domestic African capital markets and, crucially, delivering financing routes for vital energy transition projects, which can accelerate Africa’s energy and climate security.”

Charlotte Pierre, UK High Commissioner to Mauritius, said: “International bond markets remain among the most effective and good value options for financing energy transition and major infrastructure investment programmes. We hope that many more African countries will follow the Mauritius example.”

Distributed by APO Group on behalf of The Mauritius Commercial Bank Ltd (MCB) Group.

About EnVolt:
EnVolt Limited is a subsidiary of ENL Group (“ENL”), a diversified investment holding company based in Mauritius. With over 100 subsidiaries and total assets totalling in excess of USD 2bn, the company has been a major player in the Mauritian economy since 1821. EnVolt Limited has a broad objective of developing and implementing ENL’s renewable energy initiatives. The Company, which has been operating since 2018, owns and operates 10 solar farms with a capacity of 4.1 MW under the Medium-Scale Distributed Generation 1 scheme of The Central Electricity Board of Mauritius.

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