Morocco’s BANK OF AFRICA Signs $1 Billion Development Fund With China
14/05/2016 - Morocco’s BANK OF AFRICA Signs $1 Billion Development Fund With China
BANK OF AFRICA signed two memoranda of understanding with the China Africa Development Fund (CADF) in Beijing.
The agreements represent the strengthening economic and financial relations between the two countries, as King Mohammed VI wrapped up his visit to China this week.
The first agreement by Othman Benjelloun, Chairman of BANK OF AFRICA, signed focuses on supporting African development projects in the fields of infrastructure, automotive manufacturing, renewable energy, agriculture, electronics, mining and industrial parks. The agreement will also lead to investments in public and private debt markets in Africa.
The second memorandum – between BMCE, the Haite Group and Morocco-China International (the investment company of the Chamber of Sino-Moroccan Commerce) – will create the Sino-Moroccan industrial park in Morocco, along with a $1 billion fund for new infrastructure, industrial parks, and life insurance partnerships with China.
The agreement also includes technical components to support innovation in the field of aircraft leasing and new banking sector technologies.
In the Chinese capital, BANK OF AFRICA also announced the creation of “CLUB 223″ with leading Chinese organizations. The new entity will present a business platform for Chinese and African companies operating according to environmentally friendly business models.
BMCE runs over 500 branches just in Morocco, and has established locations in France, Spain, the United Kingdom, China, Italy, Germany, the United Arab Emirates, Belgium, Canada and the Netherlands, according to its official website.
BMCE Group also includes several other major Moroccan companies, including parts of Meditel, the Medi 1 radio station and RMA Watanya insurance.