“CIEL’s Sustainability-Linked Bond shows that an African group can lead in sustainable finance”

Guillaume Dalais – Group Chief Executive, CIEL Limited

• “The strong demand for our SLB, which was oversubscribed by 1.5 times and included participation from the ALCB Fund, sends a clear message of confidence.”

• “This achievement reflects the trust investors place in CIEL’s strategy and execution, and in Mauritius’ potential to position itself as a gateway for sustainable investment across Africa.”

CIEL Limited has set a regional precedent with the issuance of its MUR 1.45 billion Sustainability-Linked Bond – the first of its kind by a diversified investment group in Africa. In this interview with Bizweek, Group Chief Executive Guillaume Dalais explains how the bond, oversubscribed by 1.5 times and attracting participation from the ALCB Fund, anchors CIEL’s growth strategy in measurable ESG objectives – from gender equality and renewable energy to water efficiency and climate resilience. He highlights how this transaction strengthens investor confidence in CIEL’s long-term vision, reinforces governance and accountability across its six clusters, and positions Mauritius as a credible gateway for sustainable and inclusive finance across Africa.

The SLB has been described as a milestone in CIEL’s sustainability journey. How does this issuance align with your broader long-term strategy for the Group, and what does it mean for your positioning in Africa and beyond?

The Sustainability-Linked Bond is an important step for us, not only because it is a first for CIEL, but because it changes the way we think about growth and accountability. By linking our financing to measurable ESG goals, gender equality, renewable energy, and water efficiency, we are ensuring that we are embedding our sustainability ambitions within our financial strategy. It reflects our belief that purpose and performance go hand in hand at CIEL.

This issuance also builds on our Sustainable Finance Framework, launched earlier this year, which sets the principles and governance for how, within our capital allocation, we consider our ESG outcomes across the Group. It supports our long-term strategy to create shared and sustainable value across all our clusters. It brings greater discipline to how we deliver on our commitments and strengthens our focus on responsible growth.

The strong investor response, including international participation, shows that our ambition resonates beyond Mauritius. The SLB marks an important shift in how we operate and measure the impact of our investments. It also shows that an African group can lead in sustainable finance and contribute to setting higher standards across the region.

CIEL operates across six diverse clusters. How do you ensure that the sustainability objectives linked to the bond – such as women empowerment, reducing carbon emissions, and water management – are integrated into each cluster’s operations rather than remaining a group-level policy?

Sustainability only creates real impact when it is part of daily business. From the outset, we made sure that the bond’s objectives are anchored in our Group sustainability strategy and translated into clear priorities for each cluster, so there is full alignment between vision and execution.

Gender diversity is a central focus. Across all clusters, we are increasing women’s representation in management – a shift that is already reshaping our leadership teams and decision-making.

Then, each cluster has its own sustainability roadmap aligned to the CIEL Sustainability Strategy 2020-2030, with measurable actions that reflect its specific context. For example, CIEL Textile is advancing in renewable energy and efficiency projects through solar projects and circular manufacturing. Sunlife and Riveo are driving water conservation and waste reduction in hospitality, while C-Care focuses on accessible, high-quality healthcare that delivers social impact and reduces its environmental footprint.

A robust governance structure ensures that these ambitions translate into measurable outcomes. Our Sustainable Finance Committee is mandated to review projects for alignment with the Framework, and performance against key indicators is tracked and reported each year, reinforcing accountability.

Overall, the SLB strengthens how we deliver on our sustainability commitments, reinforces alignment across clusters, and reflects one of our core business principles – championing sustainable practices to create long-term value.

“The SLB demonstrates our ability to innovate with integrity, stay anchored in our Mauritian roots, and set new benchmarks for sustainable business across the regions where we operate.”

The bond was oversubscribed and attracted the ALCB Fund as a foreign investor for the first time in Mauritius. What message do you think this sends about investor confidence in CIEL and, more broadly, in the Mauritian capital market?

The strong demand for our Sustainability-Linked Bond, which was oversubscribed by 1.5 times and included participation from the ALCB Fund, sends a clear message of confidence. It shows that investors, both local and international, recognise CIEL as a well-governed, forward-looking Group with a credible sustainability strategy and strong financial fundamentals.

At the same time, it is a powerful signal for Mauritius as a financial centre. The participation of an international investor such as the ALCB Fund in a local currency issuance for the first time demonstrates the growing depth and maturity of our capital market. It confirms that Mauritius can attract global capital for high-quality, purpose-driven instruments such as sustainability-linked bonds.

This achievement reflects the trust investors place in CIEL’s strategy and execution, and in Mauritius’ potential to position itself as a gateway for sustainable investment across Africa. It reinforces our belief that the country can play a leading role in connecting international capital with Africa’s most impactful growth opportunities.

Beyond the immediate financial benefits, how does this transaction contribute to long-term shareholder value creation while addressing social and environmental responsibilities?

This transaction strengthens the connection between financial performance and long-term sustainability. By linking our financing to social and environmental outcomes, we are ensuring that our capital contributes toward initiatives that reinforce both our impact and our business fundamentals, improving efficiency, resilience, and trust over time.

Across our clusters, the proceeds are supporting projects that enhance both returns and impact. In our Textile cluster, renewable energy and water-recycling initiatives are reducing operational costs and exposure to energy volatility. In Hotels & Resorts, Sunlife is advancing waste reduction and local sourcing to improve profitability and strengthen community engagement. At CIEL Properties, we are integrating green building standards into our developments, while C-Care continues to expand access to quality healthcare in ways that create social value and support steady growth. These are strategic investments that improve competitiveness and help future-proof our portfolio.

Strong governance and transparency underpin this approach. Our Sustainable Finance Framework, supported by clear KPIs, annual reporting, and independent external review, ensures accountability across every cluster. This level of disclosure builds investor confidence and reinforces CIEL’s reputation as a responsible market leader.

For our shareholders, this approach creates lasting value by reducing risk, strengthening trust, and attracting investors who prioritise ESG performance. It ensures that CIEL’s growth remains financially sound, socially inclusive, and environmentally responsible, because that’s what defines lasting success.

What does this successful issuance mean to you personally in terms of leadership, responsibility, and CIEL’s legacy?

Our purpose at CIEL is to create a world we can all feel proud of, and this successful issuance shows that we are actively building that future. It represents the leadership we strive for: one that delivers performance while staying true to our responsibilities and long-term impact.

It also demonstrates our ability to innovate with integrity, stay anchored in our Mauritian roots, and set new benchmarks for sustainable business across the regions where we operate.

I am grateful to our teams for their commitment, and to our advisors and partners for their valued support. Their expertise and coordination turned ambition into execution and made this milestone possible.

This framework and issuance embody CIEL’s legacy of entrepreneurship, inclusiveness, and accountability. They reaffirm that sustainability is part of our DNA, shaping how we think, invest and lead, and remind us that purpose and performance can move forward together to create lasting value for all stakeholders.