Lokal is Beautiful Scheme Qorus Reinvention Awards - MEA 2024 - Winner

Our objective, following a market study made, was how can we increase our country’ wealth and at the same time spend less? Our experts recommended that we multiply the money coming in by circulating it locally, boosting the local economy by producing more. To do this, funds must stay in Mauritius longer instead of leaving the territory as soon as they arrive. Thus, we should invest in new sectors and in innovative methods in existing sectors to produce what we need locally. In other words, create an island that is manufacturing, circular and smart.

The role of SMEs in wealth creation cannot be underestimated; their participation is essential to boosting a sustainable and prosperous local economy. However, they tend to face more challenges compared to conglomerates. Supporting SMEs has always been part of MCB’s DNA, this is why the MCB has imagined an offer adapted to SMEs to support them in this transformation adventure.

Earlier this year, MCB has softly introduced an upgraded Lokal is Beautiful (LIB) Scheme for its SME clients. This scheme, now streamlined and extended to all financing products and purposes, is a groundbreaking financial solution designed to support local entrepreneurs (“Lokal” in our Kreol language stands for local). The LIB Scheme not only provides financial support but also fosters a business ecosystem that encourages sustainable practices and innovative business models. It is currently a unique offering on the market. In June 2024, we officially launched it to the public and until now, it has generated quite an interest.

To MCB, this solution is a significant step towards a prosperous and self-reliant Mauritian economy. As a subsidised rate financing facility, it is the ideal solution, for those who want to engage in this new era of entrepreneurship to make a positive impact.