Rabat — The African Development Bank said on Monday it approved financing worth 70 million euros ($78.3 mln) for Moroccan lender Bank of Africa to promote access to trade finance in Africa.
The trade finance facility comprises a Risk Participation Agreement (RPA) of 50 million euros and a Trade Finance Line of Credit (TFLOC) of 20 million euros, the AfDB said in a statement.
The funding should catalyse almost 300 million euros in trade over a 3.5-year period, it said.
Bank of Africa is Morocco’s third largest banks with branches in 32 countries, including 20 in Africa.
*Ahmed Eljechtimi, editing: Louise Heavens – Reuters
