A financing facility of 70 million euros intended to promote African trade has just been approved by the Board of Directors of the African Development Bank Group (ADB) for the benefit of Bank of Africa Maroc (BOA).
This envelope consists of a risk participation agreement (APR) of 50 million euros and a line of credit for trade financing (LCFC) of 20 million euros, explains the ADB in a press release.
“The African Development Bank, rated AAA by the largest rating agencies, joins forces with Bank of Africa Morocco to increase access to trade financing on the Continent, by supporting, more particularly, Small and Medium Enterprises (SMEs). ) operating in states in transition,” underlined Ahmed Attout, director of the Financial Sector Development Department at the Bank, quoted in the press release.
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“We are happy with this first partnership with BOA, a leading African player. In Morocco and on the Continent, we will together strengthen the financial inclusion of small and medium-sized businesses engaged in foreign trade to help them deploy more widely,” indicated, for his part, Achraf Hassan Tarsim, head of the country office of the ADB.
On the one hand, the APR will offer Bank of Africa Maroc the possibility of further supporting local banks on the Continent in their international operations, which are increasingly faced with a decline in financing and confirmation lines with their correspondents. foreigners, explains the ADB.
On the other hand, the LCFC will facilitate access to financing for Moroccan small and medium-sized enterprises (SMEs) operating in the key sectors of health, agriculture, pharmaceutical and automobile industries and transport, it is added. from the same source.
The press release underlines that the facility should catalyze nearly 300 million euros of trade over a period of three and a half years, indicating that more broadly, this cooperation aims to strengthen the productive diversification of countries and their competitiveness, to create additional tax revenue and generate new employment opportunities.
With MAP
