Charles Russon-led Absa secures $75 million to boost climate projects

Key Points

• Absa Bank Mauritius secured $75 million in climate finance from Proparco to fund green energy, infrastructure, and waste projects supporting Mauritius’ 2030 climate targets.
• The funding will indirectly support 14,000 jobs and promote gender inclusion, with over 40% of Absa Mauritius’ workforce and 30% of leaders being women.
• A technical advisory component will back women-led businesses, aligning with UN SDGs and reinforcing Absa’s green finance leadership in Africa and the Indian Ocean.

Absa Bank (Mauritius) Limited, a key subsidiary of Johannesburg-based Absa Group, led by outgoing CEO Charles Russon, has secured $75 million in senior debt financing from Proparco, the private sector arm of the French Development Agency (AFD).

The funding, announced at a sustainability event in Port Louis on April 25, will help drive climate-focused projects across Mauritius. Outgoing CEO Charles Russon said the move is part of Absa’s broader effort to strengthen its role in sustainable finance across Africa.

Green projects to drive jobs, growth, and equity

The financing is expected to indirectly support about 14,000 jobs and will be channeled exclusively into climate-related projects. These include scaling up renewable energy, building sustainable infrastructure, and advancing waste management solutions.

In particular, the funds will go toward large-scale solar photovoltaic installations, certified green buildings, and waste management initiatives aligned with the circular economy. These efforts back Mauritius’ climate targets, which aim for a 40 percent reduction in emissions and a 60 percent share of renewable energy by 2030.

Beyond supporting projects, this gives Absa Mauritius a stronger foothold in sustainable banking while answering growing demand for climate-aligned investments across Africa. Over 40 percent of Absa Mauritius’ staff are women, and about 30 percent of leadership roles are held by women, showing a commitment to not just green growth, but also gender equity.

Building leadership in green finance in the Indian Ocean

Absa Group, which manages more than $90 billion in assets across 12 African countries, sees Mauritius as a key hub for its green finance ambitions. Established in 1919 and led locally by Ravin Dajee, Absa Mauritius has become a leader in the region’s push for sustainable finance.

The partnership with Proparco adds to Absa’s growing list of initiatives aimed at expanding support for women-led businesses and climate projects. It also ties into global goals, including UN Sustainable Development Goals 5, 7, 8, and 13, reinforcing Absa’s drive to make inclusive, climate-conscious growth a reality across the continent.