Read 2 minutes

Morocco’s BMCE Bank of Africa has signed a partnership agreement with the China-Africa Business Council to support and facilitate the task of Chinese investors in Morocco and throughout the continent, the Moroccan bank said in a statement on Friday.

The agreement was inked by Said Adren, managing director of BMCE Bank of Africa Shanghai, and Wang Guidong, vice president of China-Africa Business Council, on the sidelines of the just concluded China-Africa summit held in Beijing on Sept. 3-4 and the China-Africa Private Sector Cooperation Summit held in Hangzhou on Thursday.

This partnership, which aims to be strategic and sustainable between the two parties, “also aims to streamline and simplify foreign trade operations between China and Africa by making Chinese operators benefit from the African expertise of BMCE Bank of Africa,” the bank pointed out in the statement.

The banking group, which has recently opened a new branch in Shanghai, said Chinese operators will also benefit from “the added value brought by the Shanghai branch.”

The Moroccan bank has been involved in projects with Chinese institutions and firms in Morocco, including the establishment of a $1 billion industrial park in northern Morocco and the building of the tallest skyscraper in Africa in the capital Rabat.

The bank inked a Memorandum of Understanding with the China Development Bank in March to enhance bilateral trade and investment.