AfDB loans Mauritius some $700 mln to support budget

ALGIERS (Reuters) - The African Development Bank (AfDB) said on Thursday it had approved a budget support loan worth a total of just over $700 million to Mauritius.

The Tunis-based bank said in a statement that the loan was made up of $420 million and 186 million euros.

"The fundamentals of the Mauritius economy remain strong and this budget support loan would enable the country to come out of the current crisis with more robust momentum," the statement quoted Gabriel Negatu, AfDB Governance Director, as saying.

Mauritius was hit hard by the global economic slowdown, mainly because of its dependence on tourism and trade and its role as an offshore financial centre.