Africa Biz Construction and Business News
Morocco and China Partner to Bring Chinese Investments into the Continent
September 9, 2018
The BMCE Bank of Africa of Morocco just signed a partnership agreement with the China-Africa Business Council, to help bring in more Chinese investment throughout Africa.
Artist's rendering of the tallest tower in Africa, soon to be built in Rabat, Morocco, thanks to partnerships between the BMCE Bank of Africa and past Chinese investors. Photo: BMCE Bank of Africa
This news broke Friday in a statement signed off on one side by Said Adren, managing director of BMCE Bank of Africa Shanghai, and Wang Guidong, Vice President of the China-Africa Business Council. The agreement was finalized and approved after the conclusion of last week’s China-Africa summit in Beijing and a separate set of meetings at the China-Africa private Sector Cooperation Summit on September 6.
According to the statement, the partnership “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”.
BMCE Bank of Africa has been active in multiple projects with Chinese institutions for some time. Its role often played out as the conduit between the Chinese investors with local firms in Morocco. These projects included working together to fund building the highest building in all of Africa in Morocco’s capital of Rabat. Past collaborations also helped make possible building a $1 billion industrial park in northern Morocco.
BMCE Bank of Africa expects in Shanghai branch will become even more critical in the new endeavors planned for the partnership. The intent of the arrangement is to expand well beyond Morocco to joint investments and projects throughout the rest of Africa.
Copyright: North America Procurement Council Inc., PBC