On Monday, The Bank of Africa, through its branch in Shanghai, signed a memorandum of understanding with the Chinese Chamber of Commerce for the Import and Export of Machinery and Electronic Products. (CCCME)
The General Manager of Bank Of Africa-Shanghai Branch, Mr. Said Adren, and Vice-President of the CCCME, Mrs. Liu Chun took part in the signing.
The MOU aims to set up the milestones for lasting cooperation between the Moroccan bank and members of the CCCME by offering them, through its branch in Shanghai, trade finance and corporate banking products adapted to their business needs, in particular with African importers, a statement from Bank of Africa said on Tuesday.
Operating in China since 2000 through its representative office, the Bank of Africa is one of the first African banks to obtain approval to open a branch in Shanghai. It is today the symbol of the Chinese-African alliance for the co-development of Africa.
In parallel, the Bank of Africa strongly supports Chinese institutions, which wish to invest in Africa through deals offered by all subsidiaries working for Africa or by participating directly in financing
Already committed to several projects strengthening economic relations between Morocco, Africa, China, and the rest of the world, the Bank of Africa group has been committed, for several years, to a policy of diversification of network of correspondents by sealing major partnerships aimed at setting up Small and Mid-Size Enterprise (SME) Financing Funds and encouraging cooperation between Morocco and China, notably with the China Development Bank Corporation (CDBC), one of the leading banks on the Chinese square, recalls the statement.
To strengthen economic relations between Morocco, Africa in general, China, and the rest of the world, Bank of Africa Group has committed to large-scale partnerships to set up SME Financing Funds and cooperation between Morocco and China, in particular with the China Development Bank Corporation (CDBC), one of the leading banks in the Chinese banking sector. Also, it organized the first China Africa Investment B2B Meetings (CAIM) with the participation of more than 250 investors and business leaders from Morocco, China, and Sub-Saharan Africa, who met to exchange and enter into partnerships in various sectors of common interest, such as in the automotive sector, agriculture, renewable energy, tourism, logistics, and infrastructure.
With the tremendous leadership of the Chairman and CEO of Bank of Africa, Mr. Othman Benjelloun, a banker with a progressive vision, a true business leader, and a true patriot – these words are too short to do justice to Mr. Benjelloun’s achievements,- the bank has been active in multiple projects with Chinese institutions for some time. Its role often played out as the conduit between the Chinese investors with local firms in Morocco. These projects included working together to fund building the highest building in all of Africa in Morocco’s capital of Rabat. Past collaborations also helped make possible building a $1 billion industrial park in northern Morocco.
The Bank of Africa expects the Shanghai branch to become even more critical in the new endeavors planned for the partnership. The arrangement intends to expand well beyond Morocco to joint investments and projects throughout the rest of Africa.
Indeed, since its official start in January 2019, the Bank of Africa branch in Shanghai has become a natural interlocutor of Chinese economic operators, whether public or private, wishing to invest in the African market. It is also a very sought-after interface by the Moroccan part when it comes to getting to know the Asian market better, to approach prospects or potential Chinese partners.
His contributions are now recognized and recognized in the preparation of business missions between the two countries and in the economic promotion and investment for the benefit of Morocco.
To this end, the group makes available to its branch in Shanghai, its entire international network, more than 1650 agencies around the world to provide all its business expertise and support investors in both Africa and China.
by Hanane Thamik