This collaborative effort aims to amplify businesses and trade activities spanning more than twenty African nations, projecting an anticipated €500 million boost for companies.
The partnership is poised to drive diversification, enhance competitiveness, generate increased tax revenues, and foster job creation on the continent.
Attijariwafa Bank is set to leverage this agreement to expand financial support in key sectors such as health, agriculture, renewable energy, telecommunications, and services. The focus remains on sustainable development and empowering women-run businesses.
The risk-sharing mechanism is strategically designed to ensure a stable flow of financing for African companies involved in foreign trade operations, aligning with the objectives of the African Continental Free Trade Area.
Recognizing the prevalent challenge of limited access to commercial financing in Africa, this collaboration is positioned to create new opportunities and break financial isolation on the continent.
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Stringent capital and compliance regulatory standards across the continent have impeded African businesses, leading to reduced commitment from various international banks.
The partnership addresses these obstacles, with Mohamed El Azizi, the African Development Bank Director General for North Africa, emphasizing the far-reaching impact: “By joining forces with Attijariwafa Bank, we are not just sharing risks. We are creating new opportunities for all those who undertake and project themselves in Africa.”
Achraf Tarsim, African Development Bank Country Manager for Morocco, expressed the intention to break the continent’s financial isolation by supporting African champions capable of strengthening financial inclusion and facilitating expansion within the continent.
Younes Belabed, Managing Director of Attijariwafa Bank Europe, underscored the Attijariwafa Bank Group’s decade-long commitment to the development of the African continent. This collaboration solidifies the group’s position as a major player in strengthening the African economic fabric and a significant contributor to the revitalization and development of North-South exchanges.
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