Workshop on Movable Asset-Based Lending (MABL)
As part of its Doing Business initiatives, the EDB in collaboration with the World Bank and the Registrar-General Department organized a half day workshop on Friday 18 October 2019 at the Hennessy Park Hotel regarding the possibility of using movable assets as collaterals to extend credit facilities. The event was attended by over 40 participants mainly from the private sector operating in the banking sector, insurance sector, leasing activities and credit unions.
This project is being implemented in the quest of broadening the portfolio of collaterals which can be used by businesses to raise funding for projects, particularly SMEs. The workshop was facilitated by Mrs Elaine MacEachern, Senior Financial Sector Specialist at the World Bank. Technical expertise from the World Bank has been sought to assist Mauritius in implementing a user-oriented and notice-based modern collateral registry with the adequate legal framework. Capacity building for both private and public sector officials will also be catered to ensure success of the project.
The objective of the project is to allow businesses especially SMEs and MSMEs to raise funds with collaterals such as equipment, inventory, invoices, accounts receivables, agricultural products, raw materials and several other alternatives to immovable collaterals. The Code de Commerce and Civil Code had been recently amended to cater for use of similar collaterals.