On Monday, September 30, the African Development Bank (AfDB) announced the approval of financing amounting to €70 million ($78.3 million) for Morocco’s Bank of Africa, aimed at enhancing access to trade finance across the continent.
This financial package includes a Risk Participation Agreement (RPA) of €50 million and a Trade Finance Line of Credit (TFLOC) totaling €20 million, according to a statement from the AfDB.
The funding is expected to facilitate nearly €300 million in trade over the next 3.5 years. Bank of Africa is Morocco’s third-largest bank, with operations in 32 countries, including 20 within Africa.
