Madam Speaker, with your permission, I will reply to Parliamentary Questions B/8 and B/15 together, as they relate to the same subject matter. With regard to Parliamentary Question B/8, I am informed by the Bank of Mauritius that the Mauritius Investment Corporation Ltd (MIC) has not made any direct investments or provided funding to Independent Power Producers (IPPs). However, it has purchased land from some companies associated with certain IPPs. Moreover, it has also invested in equity and debt instruments of some associated companies. Over the period 2020 to 2024, the MIC has purchased land and invested a total amount of Rs12.8 billion as follows – (a) Rs7.8 billion for the acquisition of land (Omnicane Limited – Rs4.4 billion, Medine Limited – Rs3.4 billion); (b) Rs3.2 billion as bond subscription (Riveo Hospitality Ltd – Rs1.1 billion, Long Beach Resort Ltd – Rs2 billion and Casela Limited – Rs140 million), and (c) Rs1.8 billion as equity investments (EastCoast Hotel Investment Ltd). I am also informed, Madam Speaker, that out of the Rs3.2 billion bond subscription, Rs1.24 billion have been fully redeemed. As regards Parliamentary Question B/15, I am informed by the Bank of Mauritius that the MIC had invested Rs57.8 billion in various investment instruments. These include Rs27.7 billion in equity investments, Rs22 billion in bond subscription, Rs7.8 billion in the acquisition of land and Rs300 million in private equity funds. Following the decision taken by the new Management of the Bank of Mauritius to cease new funding commitments and review MIC’s strategic orientation, the MIC has initiated a disinvestment strategy. As part of this strategy, the MIC has engaged with bond issuers to explore the possibility of early redemption of outstanding bonds, with a view to recouping and safeguarding its investments. The House may also note that a number of companies have voluntarily approached the MIC to proceed with early redemption of their bonds. According to the Bank of Mauritius, as at date, 19 companies have already redeemed their bonds for a total amount of Rs6.7 billion. There is thus an outstanding balance of Rs15.2 billion, out of which, Rs135 million will be redeemed by two companies during this year. I am further informed that the MIC has already communicated to the companies that no extension will be granted upon maturity and that the bonds will be redeemed as scheduled. I am tabling the list of entities that have benefited from investment from the MIC. Madam Speaker, from the list of companies that still owes the MIC, the total sum owed by BSP School of Accountancy & Management Ltd, Kuros Construction Solutions Ltd, Dhyanavartam Ltd and Star Knitwear Group Ltd amounts to around Rs2.36 billion. We still do not know when these funds will be refunded. The more so that some companies like Star Knitwear Group Ltd and BSP School of Accountancy & Management Ltd have already gone into receiverships. This speaks volumes of the management of public funds of the previous government.

Is that okay? Hon. Dr. Ms Daureeawo, do you have a supplementary? No. The Prime Minister’s answer was alright? Okay. MIDDLE EAST TENSIONS – MAURITIAN ECONOMY – IMPACT ASSESSMENT