RABAT, May 8 (Xinhua) -- Banque Centrale Populaire (BCP), one of Morocco's largest banking groups, and the African Development Bank (AfDB) signed Tuesday in Casablanca a 100 million U.S. dollars agreement to promote intra-african trade. Under this agreement, BCP and AfDB will provide 100 million U.S. dollars as an issuance to accompany the Moroccan companies aiming to trade with other African nations. Statistics from the Africa Union show that currently Africa trades far less within itself than it does with the rest of the world. Morocco has one of the strongest financial institutions in Africa. Moroccan banks are operating in over 20 African countries and generating growing amount of their earnings from their foreign activity on the continent.

Source: The North Africa Journal May 08, 2018 15:56 UTC