CDC Group, the British government’s overseas-investment arm, said it has invested $200 million in Morocco’s BMCE bank, which seeks to develop its activities on the African continent. BMCE Bank operates branches in some 33 countries in Africa, Europe and has recently opened a branch in China where it sees promising investment prospects. “Our agreement’s supreme goal goes beyond the 200 million dollar investment,” said Othman Benjelloun, BMCE Bank chairman. CDC director general Nick O’Donohoe said in a comment that investing in financial institutions is a powerful tool to make change at a larger scale. “We consider countries such as Morocco as regional hubs and powerful platforms making funding, products and services accessible to millions of people,” he said.

Source: The North Africa Journal June 20, 2019 01:52 UTC