AfDB approves $116 million loan to Central People's Bank of Morocco
29-06-2018 06:40:05 | by: Bob Koigi | hits: 2702 | Tags:

The Board of Directors of the African Development Bank Group has approved a line of credit of 100 million euros for the benefit of the Central People's Bank of Morocco (BCP).

This facility will enable BCP to strengthen its business financing activities in the sectors of agriculture, education, health and infrastructure in West Africa, mainly in Côte d'Ivoire, Guinea in Mali and Senegal.

The credit line will concretely contribute to improving the economic competitiveness of the countries concerned, generating public and export revenues and creating employment opportunities, particularly in labor-intensive sectors such as agriculture. . It also promotes regional integration and the development of trade.

The operation is in perfect harmony with the Bank's key policies and strategies. Aligned with the Bank's Decade Strategy and the Bank's 2014-2019 Financial Sector Development Strategy and Strategy , it addresses two of its top five priorities , Feeding Africa and Industrializing Africa .

"Our partnership with the People's Central Bank will support Morocco's South-South cooperation," said Mohamed El Azizi, Director General of the African Development Bank for the North Africa Region. "This mechanism will serve as a lever to strengthen production capacity and boost growth in West Africa, through the financing of private sector development", said, for its part, the country manager of the Bank in Morocco , Leila Mokaddem.

The partnership between the Kingdom of Morocco and the African Development Bank Group, which has lasted for nearly half a century, has more than 160 projects and programs, totaling more than $ 10 billion in financial commitments.

These funds cover different sectors, including energy, water, transport, agriculture and social development.

BCP is a leading Moroccan banking group, a true continental player in the financing of the private sector. The group is present in sub-Saharan Africa through its subsidiary Banque Atlantique.

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