As attention turns to the appointment of the next Chief Executive Officer (CEO) of Mauritius’s Financial Services Commission (FSC), the profile of Dr. Désiré Vencatachellum emerges as a choice of exceptional relevance. With over three decades of experience in development finance and a distinguished career at the African Development Bank, Dr. Vencatachellum brings expertise and vision that could transform the landscape of Mauritian financial services.
Dr. Vencatachellum is widely recognised as a thought leader in mobilising and managing public and private capital, as well as in structuring innovative financial instruments. His career, particularly his twenty years at the African Development Bank (AfDB), demonstrates a unique ability to forge strategic partnerships and develop policies that enhance investment outcomes and systemic resilience. Currently the AfDB’s G20 Sherpa and Senior Director for Country Economics, he oversees the design and execution of country strategies that integrate financial and technical support across the African continent. His supervision of the production of Country Focus Reports, policy-driven publications that foster dialogue on growth, private investment, and climate resilience, demonstrates his deep understanding of regional economic dynamics.
Among his most notable achievements, Dr. Vencatachellum led the 16th replenishment of the African Development Fund (ADF) in 2022, raising a record $8.9 billion from 31 donors—securing the largest-ever resource envelope for Africa’s 37 low-income countries. He also led the ADF-15 cycle, delivering a 32% increase in concessional financing. His expertise extends to structuring and managing a wide range of trust and special funds, including the Bill and Melinda Gates Trust Fund, the Canada–Africa Climate Fund, and over EUR 1.2 billion in grants secured from the European Commission.
Dr. Vencatachellum has also been a fervent champion of institutional innovations relevant to investors. These include the Bank’s credit policy allowing low-income countries access to AfDB window resources, the Group’s energy policy, and the creation of the Additionality and Development Outcome Assessment (ADOA) framework—now a benchmark for assessing development impact and risk-return in private sector operations. He also spearheaded the Africa Financial Stability Mechanism, an African Union–endorsed refinancing facility to support countries facing liquidity constraints, and leads efforts to establish a Credit Rating Data platform for Africa, aimed at helping sovereigns better understand how macroeconomic and policy decisions affect credit ratings and investor confidence.
Prior to joining the African Development Bank Group, Dr. Désiré Vencatachellum was a Full Professor of Economics at HEC Montréal, Université de Montréal. He holds a Ph.D. in Economics from Queen’s University, Canada, and a Magistère Ingénieur Économiste from Université d’Aix-Marseille II, France.
With his rigorous academic background and unparalleled practical experience in development finance, Dr. Désiré Vencatachellum represents a considerable asset for the FSC. His ability to navigate complex financial environments, mobilise resources on a large scale, and shape strategic policies is precisely what Mauritius needs to strengthen its position as a robust and resilient international financial centre. His appointment could mark a new era of growth and stability for the island’s financial services sector.
