[Morocco] International Islamic Trade Finance Corporation extends partnership with Banque Centrale Populaire to support Africa- Arab countries trade
Under the umbrella of the Arab Africa Trade Bridges (AATB) Program, the International Islamic Trade Finance Corporation (ITFC) has extended its partnership further with the Banque Centrale Populaire (BCP) (GBP.ma), major financial player in Africa by signing an agreement
This signing comes as an extension to the first EUR40 Million financing agreement signed in June 2017 with BCP’s Cote d’Ivoire based banking subsidiary, ABI (Banque Atlantique), which has presence across ten Sub Saharan Africa countries.
“This MoU has been built on a firm belief of our mutual strategy in relation to regional cooperation. Through BCP’s strong regional networks within African and Arab countries, we can extend financing targeted towards supporting regional trade flows, and this is exactly the core mandate of the Arab Africa Trade Bridges (AATB) Program”, commented Eng. Hani Salem Sonbol, CEO ITFC.
Under the said MoU, collaboration will take place by exploring the opportunities proposed by the AATB program to develop specific interventions and dedicated trade finance and trade development components, in addition to supporting Trade between French and English speaking African countries.
On his part, Mr. Kamal MOKDAD, BCP Co-CEO, Head of the International Global Banking, said : "Our partnership with ITFC is strengthened through this agreement that will allow the two parties to combine their expertise to boost the effectiveness of the Trade activity on the African and Arab markets. He added : "This strategic cooperation is reflected in the co-organization of B to B events in Africa, the development of Trade activities in new geographical areas and the support of participative finance in Morocco and sub-Saharan Africa ".
BCP recently acquired new banks in Mauritius Island and Madagascar in order to penetrate markets of the Southern African Development Community (SADC).