Mauritius Commercial Bank CEO on how the financial sector is responding to global headwinds

African economies have faced significant challenges in recent years, from the impacts of the COVID-19 pandemic to rising interest rates and inflation. However, Alain Law Min, CEO of the Mauritius Commercial Bank (MCB), believes that the financial sector has shown resilience and adaptability in the face of these global headwinds. Speaking at the 2023 edition of the Africa CEO Forum, Law Min shared his insights on how the region's financial sector is responding to these challenges and the role that MCB is playing in supporting industries and promoting sustainable development. Despite the economic shocks and exogenous factors affecting the continent, including the pandemic and rising import costs, Law Min highlighted the efforts of the Central Bank and government support in helping businesses weather the storm. The tourism sector, a key driver of Mauritius' economy, has rebounded strongly following the reopening of borders, aiding in the recovery of businesses and mitigating the impact of rising interest rates and inflation. Law Min emphasized the importance of targeted support for different sectors and industries, with a focus on trade finance and investment facilitation. MCB has been actively involved in supporting oil and gas procurement, as well as providing services to multinational companies and regional corporates looking to invest in the continent. The bank is also exploring opportunities in the energy transition, aiming to gradually shift towards greener energy sources while addressing the continent's electricity access gap. Law Min stressed the need for public-private sector collaboration to drive development and urged for a collective effort in addressing Africa's development challenges. He highlighted the importance of regional integration and cooperation between governments and businesses to create sustainable value chains and ecosystems. As the Africa CEO Forum brings together industry leaders and policymakers, Law Min sees a significant opportunity for countries and corporates to collaborate and leverage their expertise to support the continent's growth and development. From sharing Mauritius' experience in sugar production to promoting management skills in tourism, Law Min emphasized the diverse contributions that each player, big or small, can make in advancing Africa's economic agenda. With a shared commitment to development and collaboration, Law Min believes that Africa can unlock its full potential and build resilient economies that benefit all stakeholders.