The African Improvement Financial institution (www.AfDB.org) and Financial institution of Africa SA have signed a risk-sharing settlement of EUR 50 million to strengthen private-sector financing and promote African commerce. The signing ceremony befell on 4 December 2024, through the 2024 Africa Funding Discussion board (AIF) Market Days in Rabat, Morocco.
The danger-sharing settlement will allow Financial institution of Africa SA to supply extra help to native African banks of their worldwide operations, by permitting them to extend financing and affirmation traces with overseas counterparts.
The partnership goals to generate as much as EUR 200 million in extra industrial commerce by small and medium-sized enterprises (SMEs) working within the agricultural, pharmaceutical, automotive, transport and telecommunications sectors, in additional than 20 African international locations together with transition international locations.
“We might be working collectively in Morocco and on the entire of the continent to strengthen the monetary inclusion of SMEs concerned in overseas commerce, by providing them the means to realize their full potential on a bigger scale. It’s with this shared ambition that we’re embarking on our first partnership with Financial institution of Africa SA,” mentioned Ahmed Rashad Attout, director of the African Improvement Financial institution’s Monetary Sector Improvement Division.
“We’re delighted to enter into this new strategic partnership with the African Improvement Financial institution, a key step in our dedication to selling overseas commerce in Africa. This risk-sharing settlement will facilitate entry to finance for African SMEs, opening up new progress prospects for them. This collaboration with a prestigious establishment will assist enhance the African economic system and help sustainable, inclusive progress on the continent,” said Khalid Nasr, Govt Normal Supervisor liable for Morocco and Company&Funding Banking at Financial institution of Africa SA.
Distributed by APO Group on behalf of African Improvement Financial institution Group (AfDB).
Media contacts:
For the African Improvement Financial institution:
Communication and Exterior Relations Division
media@afdb.org
For Financial institution of Africa Morocco:
Meriem Oughla
Head of Monetary Communications
mbarakat@bankofafrica.ma
Technical contacts:
Mohamed Aloui
Undertaking supervisor
African Improvement Financial institution Group
Fahd Belbachir
Senior communications and exterior relations officer and challenge monetary skilled
African Improvement Financial institution
Concerning the African Improvement Financial institution Group:
The African Improvement Financial institution Group (AfDB) is the premier multilateral financing establishment devoted to Africa’s growth. It includes three distinct entities: the African Improvement Financial institution, the African Improvement Fund and the Nigeria Belief Fund. Represented in 41 African international locations, with an exterior workplace in Japan, the African Improvement Financial institution Group contributes to the financial growth and social progress of its 54 regional member states. For extra data, go to: www.AfDB.org
About Financial institution of Africa:
BOA is a number one, multi-activity international banking group. Working in 32 international locations, together with 20 in Africa, it’s actively concerned in financing intra-African and worldwide commerce and is a frontrunner in affect financing in Morocco. The group has 2,000 branches with 6.6 million clients and employs virtually 14,900 employees. Financial institution of Africa can also be dedicated to sustainable growth and the setting.
For extra data, please go to: www.ir-BankOfAfrica.ma