IFC and Attijariwafa bank partner to support businesses and boost trade in Africa
IFC, a member of the World Bank Group, and Attijariwafa bank (AWB), a pan-African banking group, have signed an agreement to support businesses and stimulate investment and cross-border trade in Africa.
IFC and AWB have agreed to jointly study investment projects in North Africa and sub-Saharan Africa. The partnership focuses on support for trade and investment between the two regions to strengthen trade between African countries. In addition, both parties pledge to cooperate in corporate and investment banking, project financing, and risk-sharing instruments.
The agreement also provides for IFC and AWB to assist companies in Morocco and Africa, including small and medium-sized enterprises (SMEs), to access the financing and training services they need for their development. .
"AWB and IFC share a common vision that a healthy private sector is essential for creating jobs and stimulating economic growth," said Mr. Boubker Jai, Managing Director of Attijariwafa bank Group. "We will benefit from IFC's expertise in Africa and leverage our pan-African network and market knowledge on the continent to deliver innovative products and services to our clients, such as online banking and financing value chains. ”
Sérgio Pimenta, IFC's Vice President Africa and Middle East, added: "Africa has great potential. But weak cross-border trade and lack of affordable financing for SMEs are holding back economic growth. By addressing these challenges, we can help unleash the potential of the African private sector to create jobs and contribute to the fight against poverty and inequality. ”
This partnership is part of IFC's strategy to support Moroccan companies in their expansion strategy in sub-Saharan Africa.
Over the last 10 years, IFC has supported nearly $ 1.4 billion in business investment from MENA to sub-Saharan Africa.
