China’s Export Import Bank and the Casablanca-based Attijariwafa Bank will join efforts in a $5 billion bank dedicated to boosting African exports to China and promoting industrial activity in the countries where the Moroccan bank operates.
The deal attests to the credibility and large network of Moroccan banks in Africa, as well as Morocco’s efforts to offer a gate for investments and funding to Africa.
The fund will be financed by China’s export Import Bank, one of the Chinese investment arms in the continent, Attijariwafa bank said in a statement.
“This agreement will enable our Bank to finance active investors on the China-Africa corridor and to promote the development of exporting companies in Morocco and in Sub-Saharan Africa in order to access the 1.4 billion consumer-strong Chinese market in addition to reinforce the industrial fabric in the countries where we operate,” Attijariwafa Bank CEO Mohamed El Kettani was quoted in the statement as saying.
The deal was signed at the China International Import Exposition in Shanghai.