Annual Report 2023

The Mauritius Investment Corporation Ltd (MIC) is providing comprehensive insights into the organisation’s performance, governance, and strategic direction for the financial year ending 30 June 2023. Below is a summary:

Key Highlights

1. Overview:
   • MIC is a wholly-owned subsidiary of the Bank of Mauritius, established to stabilise the economy during COVID-19 and build long-term economic resilience.
   • Strategic investment portfolios include Equity Participation, Future Generations, and Infrastructure.
2. CEO’s Message:
   • MIC’s assets under management have grown significantly, reaching MUR 82.9 billion.
   • Investments are focused on innovation, self-sufficiency, and sustainable development, with new initiatives like Venture Capital and Growth Capital Funds.
3. Vision and Mission:
   • Vision: Enhance national wealth and create opportunities for future generations.
   • Mission: Support Mauritius’ economic development through strategic investments and fostering an innovation-driven economy.
4. Governance:
   • Operates under robust corporate governance, guided by the Board of Directors and sub-committees like the Audit and Risk Committee.
   • Emphasises accountability, transparency, and responsible investing, integrating ESG principles.
5. Investment Strategy:
   • Follows a disciplined three-stage investment process: due diligence, committee review, and board decision.
   • Key sectors include hospitality, agriculture, manufacturing, and real estate.
   • Investments support systemic stability and long-term growth.
6. Risk Management:
   • Comprehensive framework addressing financial, operational, and ESG risks.
   • Aims to mitigate risks like market volatility, credit default, and environmental challenges.
7. Key Achievements:
   • Joined the Africa Sovereign Investors Forum (ASIF) to promote sustainable development in Africa.
   • Signed the Diversity, Equity, and Inclusion Charter, reinforcing its commitment to an inclusive business community.
   • Hosted and participated in international forums discussing sovereign wealth fund strategies and sustainable urban development.
8. Financial Highlights:
   • Revenue: MUR 2,268 million.
   • Investments in 52 companies, with disbursements exceeding MUR 51.7 billion.
9. Future Outlook:
   • Plans to diversify investments further, focusing on renewable energy and strategic industries aligned with national economic priorities.
   • Aims to position itself as a driver of sustainable economic development and resilience

Visit the link to read our annual report for the year 2023.