Posted by: Morocco World News
Connecting Africa through enhanced communication channels and improved intra-Africa exchanges has lately been in vogue among political actors and important economic stakeholders on the African continent.
Consistent with such a spirit of increased South-South exchanges and economic relations, Morocco’s BCP Bank and the African Development Bank (AfDB) have recently signed a $100 million agreement to boost intra-Africa commerce.
Technically known as “risk participation agreement,” the deal is a cooperation aiming to promote trade between African states and meet the growing demand on continental financial transaction, particularly considering the growing and dynamic middle classes in many African countries.
In its statement about the deal’s terms and expectations, BCP Bank said that in addition to stimulating the continent’s dream of advancing intro-African exchanges, the deal is part of a much larger agreement, with $700 million of trade deals set to materialize on the continent in the next 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, the BCP Group’s Director General for international relations.
For his part, Mohamed El Azizi, Managing Director of the AfDB for the North African region, asserted that this joint deal will help consolidate and boost continental integration by unleashing the growth potentials of intra-African trade. Also, he added, the deal will be a venue for encouraging investment and job creation.
Among the sectors prioritized by the deal figure agriculture, industry, and services.