The African Development Bank (AfDB) announced on Monday the approval of a 70 million euro ($78.3 million) financing package for Morocco’s Bank of Africa, aimed at boosting access to trade finance across the continent. This initiative is expected to facilitate greater trade opportunities within Africa by enhancing financial accessibility for businesses.
The financing package consists of a 50 million euro Risk Participation Agreement (RPA) and a 20 million euro Trade Finance Line of Credit (TFLOC), according to a statement from the AfDB. These funds are anticipated to generate nearly 300 million euros in trade activities over the next three and a half years, highlighting the project’s potential for economic impact.
Bank of Africa, Morocco’s third-largest bank, operates in 32 countries, including 20 across Africa. This new financing will support the bank’s continued efforts to promote intra-African trade and expand its financial services to businesses across the region.
