The African Development Bank (AfDB) said on Monday that it approved financing worth 70 million euros for Moroccan lender Bank of Africa, to promote access to trade finance in Africa.
The AfDB said in a statement that the trade finance facility comprises a Risk Participation Agreement (RPA) of 50 million euros and a Trade Finance Line of Credit (TFLOC) of 20 million euros.
It said the funding should catalyse almost 300 million euros in trade over 3.5 years.
Bank of Africa is Morocco’s third largest bank with branches in 32 countries, including 20 in Africa. (Reuters/NAN)
