AfDB approves €70M for Morocco's Bank of Africa to enhance African trade

The African Development Bank (AfDB) has approved €70 million in financing for Morocco’s Bank of Africa. The funding is intended to help the Moroccan lender enhance access to trade across Africa, AfDB announced on Monday.

This trade finance facility comprises a €50 million Risk Participation Agreement (RPA) and a €20 million Trade Finance Line of Credit (TFLOC), according to Reuters, citing an AfDB statement.

The funding from AfDB is expected to boost trade by nearly €300 million over the next 3.5 years.

Bank of Africa is Morocco’s third-largest bank, with branches in 32 countries, including 20 in Africa.