Proparco proposes $10m investment in African insurance company
MUA Ltd, a regional insurer with operations in Mauritius, Kenya, Uganda, Rwanda, Tanzania and the Seychelles, announced the proposed equity investment of $10 million by Proparco, a development finance institution (DFI) and the private financing arm of Group Agence Française de Développement (AFD Group).
This long-term strategic partnership will strengthen MUA’s ability to improve insurance coverage in Africa and accelerate the group’s digital transformation. Proparco will also contribute to MUA’s governance and value creation through the appointment of one board member to the board of directors of MUA.
“We are looking forward to working with Proparco to strengthen the group’s financial capacity and expand insurance coverage in East Africa. As we embark on a new phase of our regional journey with this respected partner, we aim to deliver on our sustainability objectives and have a greater social impact. Along with the equity proceeds, Proparco brings its considerable regional experience, world-class capabilities and an extensive cross-sector network,” said MUA group CEO, Bertrand Casteres.
“This strategic investment testifies to Proparco’s confidence in MUA and its potential to contribute to the growth of the insurance industry in Africa, while pursuing its transformation into a market-leading sustainable insurer. We are pleased to make this investment, which highlights Proparco’s longstanding dedication to backing African insurance players committed to sustainable development. MUA’s experienced and committed team, as well as its strong risk management culture and underwriting capabilities have given resilience to the company during the Covid-19 crisis and will be key assets to realise its ambitious strategic objectives over the coming years,” said Djalal Khimdjee, Proparco’s deputy CEO.
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