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Climate Finance for Mauritius - SUNREF Project (TA)

Southern Africa
Grant Amount
EUR 3,250,000
Total project cost
EUR 97,000,000
PFG Lead Financier

AFD has developed a green finance product called SUNREF (Sustainable Use of Natural Resources and Energy Finance) whose objective is to mobilize the financial sector of partner countries to reduce global pollution (increase in the greenhouse effect), local pollution (emissions of sulfur, nitrates, metals, etc.) and to optimize the use of natural resources (energy efficiency, production Cleaner, circular savings, etc.).

SUNREF addresses the need to mobilize the private and public productive sectors in the transition to a greener economy and thus supports the implementation of the Sustainable Development Goals.

In the Indian Ocean and Mauritius, SUNREF has been successful in  mobilizing technical and financial resources: since 2009, AFD has provided EUR 100 million loans to the banking sector trough two credit lines of respectively EUR 40 million and EUR 60 million, leveraging more euros EUR 150 million of investments to finance more than 150 projects. Thanks to the EU TA subsidy (ITF-Se4All), SUNREF Indian Ocean created an ecosystem favourable to investments in EE, RE and environmental performance (EP), providing relevant financial incentives to banks and projects promoters.

(please visit the site for further information ).  

SUNREF III is a Climate Finance program for Mauritius that aims at financing small and medium investments, aiming at:

- Reinforcing the market for mitigation investments and scale up the market for adaptation investments in Mauritius in line with the strategic objectives of the EU Strategy and national strategies,

- Improving capacity of financial intermediaries to appraise and finance adaptation projects by providing medium to long-term funding, grant and technical assistance.

- Improving awareness of climate change impacts on enterprises businesses and individuals, promote the opportunities created by the paradigm shift from current technological framework to less-carbonated and more resilient technologies and thus support development of a local production and service base for climate-friendly technologies, thereby stimulating innovation and development.

The EU-AITF TA will be used to support project developers, local service providers, and partner banks. While the investment support framework aims inter alia at removing financial barriers hindering the up-scaling of mitigation, adaptation and gender investments, the TA will be designed to remove the non-financial barriers identified in the INDC as well as those impeding the equality.