Mauritius is driving its development through advances in its financial sector. A recent operation on international bond markets involving a 920 million dollar issuance illustrates Mauritius's growing prominence as a financial platform serving African economies. It also opens new perspectives for Madagascar. Days ago, Gabon finalized an international bond issuance of 920 million dollars. The operation, initially planned for 750 million dollars, generated an order book exceeding one billion dollars.
This successful operation mobilized AFG Capital Ltd as exclusive financial adviser to the Gabonese government, alongside arrangers Cygnum Capital and Citigroup Global Markets. It demonstrates the capacity of financial expertise established in Mauritius to support large-scale sovereign operations and convince demanding international investors.
This evolution is no accident. For over 30 years, Mauritius has methodically developed its international financial center. The financial sector now represents nearly 14% of Mauritian GDP and manages over 100 billion dollars in assets. The Mauritius Stock Exchange enables listing, trading and settlement of securities in five currencies: the Mauritian rupee, dollar, euro, sterling and rand. Over time, companies have raised more than 6.5 billion dollars there. More than 450 private equity funds domiciled on the island actively invest in Africa. By June 2021, they had already channeled nearly 40 billion dollars there.
Particularly favorable timing
Mauritius no longer seeks merely to be a jurisdiction where funds or companies are domiciled. The island now aims to provide the expertise and connections necessary for complex financial operations. The timing is particularly favorable as, in the first weeks of 2026, several African countries, including Kenya, Côte d'Ivoire and the DRC, had raised nearly 6 billion dollars on bond markets—the region's best start in over a decade. This enthusiasm reflects renewed confidence among international investors in African sovereign issuers, a movement in which Mauritius is progressively establishing itself as a preferred intermediary.
Strategic proximity
The sister island constitutes the closest international financial center to Madagascar. This proximity provides access to specialized expertise in financing structuring. Regional groups like AFG, present in both Mauritius and Madagascar, already illustrate this connectivity between the two centers. Like African countries already benefiting from Mauritian offerings, Madagascar could eventually mobilize financing for structuring projects. The challenge would be to better leverage this geographic and financial proximity. Interesting prospects indeed.