Africa Investment Forum 2024: African Development Bank and Bank of Africa SA sign EUR 50 million risk-sharing agreement to support development of Small and Medium-sized Enterprises (SMEs) and boost African trade
African Development Bank (African Development Bank website) and African Bank signed a risk-sharing agreement worth €50 million to strengthen private sector financing and promote African trade. The signing ceremony took place during the 2024 Africa Investment Forum (AIF) Market Day in Rabat, Morocco on December 4, 2024.
The risk-sharing agreement will enable African Bank to provide more support to the international operations of local African banks, allowing them to increase financing and confirmation lines with foreign counterparts.
The partnership aims to generate up to €200 million in additional commercial trade for small and medium-sized enterprises (SMEs) operating in the agriculture, pharmaceuticals, automotive, transport and telecommunications sectors in more than 20 African countries, including countries in transition.
“We will work together in Morocco and across the continent to strengthen financial inclusion for small and medium-sized enterprises engaged in foreign trade and provide them with the means to realize their full potential on a larger scale. It is with this shared ambition that we begin to work with First African Bank partnership,” said Ahmed Rashad Attout, Director of Financial Sector Development at the African Development Bank.
“We are delighted to enter into this new strategic partnership with the African Development Bank, a key step in our commitment to boost Africa’s external trade. This risk-sharing agreement will facilitate access to finance for African SMEs, opening up new growth prospects for them “This partnership with a renowned institution will help boost African economies and support sustainable, inclusive growth on the continent,” said Khalid Nasr, Executive General Manager for Morocco and Corporate & Investment Banking at African Bank. Nasr) said.
Distributed by APO Group on behalf of the African Development Bank Group (AfDB).
Media Contact:
African Development Bank:
Department of Communications and External Relations
media@afdb.org
African Bank Morocco:
Merym Uggla
Financial Communications Manager
mbarakat@bankofafrica.ma
Technical contact:
Mohamed Aloui
project Manager
African Development Bank Group
Fahad Belbachir
Senior Communications and External Relations Officer and Project Finance Specialist
African Development Bank
About the African Development Bank Group:
The African Development Bank Group (AfDB) is the premier multilateral financing institution dedicated to Africa’s development. It consists of three different entities: the African Development Bank, the African Development Fund and the Nigeria Trust Fund. The African Development Bank Group has representative offices in 41 African countries and an external office in Japan, contributing to the economic development and social progress of its 54 regional member countries. For more information, please visit: African Development Bank website
About African Bank:
BOA is a leading diversified global banking group. The company operates in 32 countries, 20 of which are in Africa, is actively involved in intra-African and international trade finance, and is a leader in impact finance in Morocco. The group has 2,000 branches, has 6.6 million customers and employs nearly 14,900 people. African Bank is also committed to sustainable development and the environment.
For more information, please visit: www.ir-BankOfAfrica.ma
