Bank of Africa partners with Chinese development fund to support Morocco’s Tangier Tech projects

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MOU signing ceremony between Bank of Africa and CAD Fund (Photo / Mr. Said Adren)

 

Rendering of Cite’ Tangier Tech
Photo courtesy: en24.com

by Hanane Thamik

The Bank of Africa has just concluded a partnership with a Chinese development fund (CAD
Fund) with the ambition, among other things, to promote, facilitate and co-finance Chinese
companies wishing to set up in the city of Mohammed VI Tangier Tech.

Mr. Othman Benjelloun, the Chairman and CEO of Bank of Africa during the signing ceremony

The signing ceremony took place in the presence of Mr. Othman Benjelloun, Chairman and CEO of the Bank of Africa group, and Mr. Song Lei, President of the CAD Fund.

Aiming to confirm the major role played by the Bank of Africa (formerly BMCE Bank) in strengthening relations between Africa and China, the banking group is increasing its cooperation projects and simultaneously signing a partnership agreement in Beijing and
Casablanca with a leading Chinese economic player.

MOU signing ceremony between Bank of Africa and CAD Fund (Photo / Mr. Said Adren)

In fact, within the framework of Chinese-African cooperation, several subjects of cooperation between the Moroccan banking group and high-level Chinese institutions have recently been deployed, including the opening of a branch of the Group in Shanghai. The signing of this partnership agreement between the Bank of Africa and the China-Africa Development Fund (CAD Fund) confirms the major role played by the bank in the economic rapprochement between China and Africa.

This promising cooperation aims to co-finance Chinese investment in Africa, either by
setting up joint ventures or by direct bank financing based on the group’s large African network.

The two parties are committed to capitalizing on their respective mastery of the Chinese and African markets to create value for their customers and partners, continues the same source. This partnership also aims to promote, facilitate and co-finance Chinese companies wishing to establish themselves in the city of Mohammed VI Tangier Tech. Note that CAD Fund has a financing capacity of 10 billion dollars, exclusively dedicated to productive investment in Africa.

Through this agreement, the Moroccan banking group further strengthens its power in the
Chinese financial market and establishes itself as an economic partner of choice in bilateral
Chinese-African cooperation.

As a reminder, the creation of the China-Africa Development Fund (CAD Fund) in June 2007 is one of the eight measures announced by the Government of China to implement pragmatic cooperation with Africa at the Beijing Summit of the Forum on China-Africa cooperation in 2006.

Second Anniversary of the Bank of Africa Branch in Shanghai (Photo / Bank of Africa)

The CAD Fund has vigorously encouraged Chinese business investment in
Africa played an important role in building infrastructure, technological advancement, export earnings, and employment in host countries, and encouraged African economic and social development and competition in the global economic landscape.

Since its creation 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.

The financial institution has signed several Memorandums of Understanding with the China Africa Business Council, China Chamber of Commerce of Electronic Equipments, Sinosure, China Commodity City Group.

Its contribution to the preparation of business missions between the two countries and the promotion of economic relations and investments on behalf of Morocco is now recognized and very much appreciated. The new logo of the Moroccan bank is reflecting the strong footprint across Africa as well as the determination to support the China-Africa economic relationship.

2020 Shanghai Financiers Awards and Roundtable Conference (Photo / Mr. Said Adren)

With the tremendous leadership of the General Manager of Bank of Africa Shanghai Branch, Mr. Said Adren was the first African who has been nominated among the 30 financiers and bankers at Shanghai financiers 2020.

All these achievements make the Bank of Africa Group able to position itself as a major
economic actor for the development of Chinese –African relations.

Hanane Thamik is a Ph.D. scholar at the School of Information

 

Hanane Thamik is a Ph.D. scholar at the School of Information Management at Wuhan
University.

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