The African Development Bank (AfDB) and Morocco’s Banque Centrale Populaire (BCP) have initialed a US$70 million risk-sharing agreement (RSA) to promote private sector financing and boost trade in Africa, reports a press release issued by the AfDB on Friday May 24. The text explains that the agreement between the two institutions will strengthen the financial inclusion of economic operators, particularly small and medium-sized enterprises (SMEs), and consolidate their foreign trade capacities. It is expected to catalyze nearly 200 million euros of trade. It is also stated that this new RPA will further consolidate BCP Group’s commitment to financing trade transactions in Africa; and will offer it the opportunity to further support its customers and strengthen its relations with local African banks, which are increasingly faced with a decline in financing and confirmation lines with their foreign correspondents. « Hand in hand, we offer solutions to unleash the potential of companies that believe in their continent, invest in it and create added value and jobs, » emphasized Mohamed El Azizi, Managing Director of the African Development Bank for North Africa, quoted in the press release. For his part, the Bank’s Country Manager for Morocco, Achraf Tarsim, affirmed that « this partnership with BCP includes objectives of diversifying Morocco’s production capacity, strengthening its competitiveness, creating additional tax revenues, while generating new employment opportunities ». BCP General Manager Kamal Mokdad declared that « this new agreement with the African Development Bank represents an ideal model for South-South collaboration, offering a global solution tailored to the development needs of pan-African trade and Africa’s trade with the rest of the world. The agreement « provides both financing and support solutions for the commercial transactions of African companies, and promotes a stronger international presence for the continent’s local banks », he continued. The BCP Group is one of Morocco’s leading banking institutions, present in 32 countries worldwide. In Morocco, it is the leading collector of savings and a major player in financing the economy. #OMA #OrganisationMarocAfrikaCulturesetDéveloppement #NajibKettani #Economy #Morocco #ADB #BCP #Accord #SecteurPrive #CommerceEnAfrique
