MOL Sets Up Environmental Recovery Trust Fund

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MOL recently established an authorized public trust as a part of its aid activities to promote the recovery and sustainability of the environment, and communities in the Republic of Mauritius, reads an official press release.

The MOL Mauritius International Fund for Natural Environment Recovery and Sustainability trust issued its first invitation for grant applications on December 1.

Funding for sustainable growth 

The fund was established with the objective of ensuring the sustainable growth of the nation’s economy, promoting its culture through environmental activities, and supporting activities that contribute to local communities.

MOL hopes to support the development of fisheries, tourism, and cultural activities, which are the foundation of the Mauritian economy, as well as recovery and preservation of its natural environment and diverse ecosystems such as mangrove forests and coral reefs, and protection and research on wild and migratory birds including endemic species,” the company said.

MOL plans to contribute about 500 million yen to the fund in Japan, and will provide a total of about 800 million yen scale aid along with the MOL Charitable Trust which was established in Mauritius in June of 2021.

The Sumitomo Mitsui Trust Bank, Limited, will operate the fund as a trustee, and grant recipients will be selected impartially by a steering committee made up of experts.

Dual funds for diverse activities

The Japanese major will provide flexible and diverse support activities through the combination of the two funds; the fund in Japan will assist relatively long-term and large-scale projects, while the MOL Charitable Trust in Mauritius will support more community-focused measures.

It is MOL’s intent that grant recipients will be selected fairly and impartially through the fund to provide widespread support to Mauritius, and that the MOL Group as a whole continues to engage with the nation and its people,” the company adds.

Earlier this year, MOL, operator of the ill-fated bulk carrier MV Wakashio, announced 1 billion yen ($9.42 million) on measures to support Mauritius, including clean-up and contribution to an environmental recovery fund, in cooperation with the government of Japan.

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Source: MOL

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