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The African Development Bank (AfDB) and BANK OF AFRICA SA signed a 50 million euro (~530 million dirhams) risk-sharing agreement on December 4, 2024, in Rabat, aimed at supporting the private sector and boosting intra-African trade.
The agreement, formalized on the sidelines of the Africa Investment Forum (December 4-6 in Rabat), will enable BOA to strengthen its support for local African banks in their international transactions. This notably involves expanding their financing and confirmation lines with their foreign partners.
This partnership aims to generate nearly 200 million euros in trade exchanges benefiting small and medium-sized enterprises (SMEs) in about twenty African countries, particularly targeting transition states. The funds will be used to finance various key sectors, such as agriculture, the pharmaceutical industry, automotive, transport, and telecommunications.
Ahmed Rashad Attout, Director of the Financial Sector Development Department at the AfDB, praised this collaboration: «This partnership will allow us, in Morocco as well as on the continent, to strengthen the financial inclusion of SMEs active in foreign trade by providing them with the means to fully exploit their potential.»
Khalid Nasr, Executive General Manager of BANK OF AFRICA SA in charge of Morocco and corporate investment banking (CIB), also expressed his satisfaction: «This strategic agreement with the AfDB represents a major step in our commitment to promoting African foreign trade. By facilitating access to financing for SMEs, we contribute to sustainable and inclusive growth across the continent.»
