BCP Bank, AfDB Join Efforts in $100 mln Deal to Enhance African Trade
Morocco’s BCP Bank and the African Development Bank teamed up in a $100 million agreement to boost trade between African countries.
The deal (risk participation agreement) provides for cooperation to promote trade between African states by meeting the growing demand on financing transactions in the continent, the Moroccan bank said in a statement.
The BCP also said that the agreement will contribute to the completion of $700 million trade deals on the continent in the upcoming three years.
“Our partnership with the AfDB is a perfect response to one of the main outlines of our strategy, which aims to actively support the development of intra-African trade by providing Moroccan companies with appropriate financing mechanisms,” said Kamal Mokdad, Director General of the BCP Group for international relations.
Mohammed El Azizi, Managing Director of the AfDB for North Africa, said that this partnership with the BCP will help boost the growth potential of intra-African trade, which is an important engine for regional integration. The agreement will be a real catalyst for investment and job creation, he said.
Industry, agriculture and health have been identified as priority sectors for the agreement.