The African Development Bank (AfDB) announced on Monday that it has approved €70 million ($78.3 million) in financing for Morocco’s Bank of Africa, aimed at enhancing access to trade finance across the continent.
The facility includes a €50 million Risk Participation Agreement (RPA) and a €20 million Trade Finance Line of Credit (TFLOC), according to the AfDB’s statement. This funding is expected to stimulate nearly €300 million in trade over the next 3.5 years.
Bank of Africa, Morocco’s third-largest lender, operates in 32 countries, with 20 of those being in Africa. This initiative is part of broader efforts to support trade and economic growth within the region.
