AFRICAN DEVELOPMENT BANK AND BANQUE CENTRALE POPULAIRE SIGN $70 MILLION RISK-SHARING AGREEMENT TO BENEFIT AFRICAN BUSINESS AND TRADE

HIBAPRESS-RABAT

The African Development Bank and the Banque Centrale Populaire (BCP) have signed a US$70 million risk-sharing agreement (APR) to promote private sector financing and boost trade in Africa. This amount represents an overall risk limit allocated to local African banks.

The agreement between the two institutions will strengthen the financial inclusion of economic operators, particularly small and medium-sized enterprises (SMEs), and will consolidate their capacities in terms of foreign trade. It should catalyze nearly 200 million euros in trade.

This new APR will further consolidate the BCP group’s commitment to financing trade transactions in Africa. It will offer it the opportunity to further support its customers and strengthen its relationships with local African banks, increasingly faced with a decline in financing and confirmation lines with their foreign correspondents.

“Hand in hand, we offer solutions to unlock the potential of companies that believe in their continent, invest there and create added value and jobs,” said, signing the agreement, the Director General of the Bank African Development Agency for North Africa, Mohamed El Azizi.

“This partnership with the BCP includes objectives of diversifying Morocco’s production capacity, strengthening its competitiveness, creating additional tax revenue, while generating new employment opportunities,” the official subsequently added. -Bank country for Morocco, Achraf Tarsim.

“This new agreement with the African Development Bank represents an appropriate model of South-South collaboration, offering a global solution adapted to the development needs of Pan-African trade and Africa’s trade with the rest of the world. It provides both financing solutions and support for commercial transactions of African companies and promotes a better anchoring of the continent’s local banks internationally,” declared the general director of BCP and international of the group. , Kamal Mokdad.

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