– To support development of SMEs
– Boost African trade
Rabat — The African Development Bank and Bank of Africa SA have signed a risk-sharing agreement of EUR 50 million to strengthen private-sector financing and promote African trade. The signing ceremony took place on 4 December 2024, during the 2024 Africa Investment Forum (AIF) Market Days in Rabat, Morocco.
The risk-sharing agreement will enable Bank of Africa SA to provide more support to local African banks in their international operations, by allowing them to increase financing and confirmation lines with foreign counterparts.
The partnership aims to generate up to EUR 200 million in additional commercial trade by small and medium-sized enterprises (SMEs) operating in the agricultural, pharmaceutical, automotive, transport and telecommunications sectors, in more than 20 African countries including transition countries.
“We will be working together in Morocco and on the whole of the continent to strengthen the financial inclusion of SMEs involved in foreign trade, by offering them the means to achieve their full potential on a larger scale. It is with this shared ambition that we are embarking on our first partnership with Bank of Africa SA,” said Ahmed Rashad Attout, director of the African Development Bank’s Financial Sector Development Department.
“We are delighted to enter into this new strategic partnership with the African Development Bank, a key step in our commitment to promoting foreign trade in Africa. This risk-sharing agreement will facilitate access to finance for African SMEs, opening up new growth prospects for them. This collaboration with a prestigious institution will help boost the African economy and support sustainable, inclusive growth on the continent,” stated Khalid Nasr, Executive General Manager responsible for Morocco and Corporate & Investment Banking at Bank of Africa SA.
African Development Bank Group
The African Development Bank Group (AfDB) is the premier multilateral financing institution dedicated to Africa’s development. It comprises three distinct entities: the African Development Bank, the African Development Fund and the Nigeria Trust Fund. Represented in 41 African countries, with an external office in Japan, the African Development Bank Group contributes to the economic development and social progress of its 54 regional member states. For more information, visit: www.afdb.org
Bank of Africa
BOA is a leading, multi-activity global banking group. Operating in 32 countries, including 20 in Africa, it is actively involved in financing intra-African and international trade and is a leader in impact financing in Morocco. The group has 2,000 branches with 6.6 million customers and employs almost 14,900 staff. Bank of Africa is also committed to sustainable development and the environment.
