AfDB approves €70 million financing for Bank of Africa

The African Development Bank (AfDB) approved financing of 70 million euros ($78.3 million) for Morocco’s Bank of Africa on Monday, aiming to enhance access to trade finance across the continent.

The financing package includes a Risk Participation Agreement (RPA) of 50 million euros and a Trade Finance Line of Credit (TFLOC) totaling 20 million euros, as stated by the AfDB.

This funding is projected to catalyse nearly 300 million euros in trade over the next 3.5 years. Bank of Africa operates branches in 32 countries, including 20 across Africa.

Attribution: Reuters

Subediting: M. S. Salama