Banks of Morocco, China join hands to promote bilateral trade, investment

RABAT - Morocco's BMCE Bank of Africa (BOA) and the China Development Bank (CDB) have inked a memorandum of understanding (MoU) to enhance bilateral trade and investment, local media reported Saturday.

During a ceremony held at the BOA's headquarters in the Moroccan city of Casablanca, the MoU was signed between Liu Xin, head of CDB's Zhejiang branch, and Brahim Benjelloun Touimi, chairman of the BOA Group, the financial news site Medias24.com reported.

This deal aims to boost joint ventures in infrastructure programs, transport, car manufacturing, technology park, investment and trade, and sustainable development projects, in line with the MoU on the Belt and Road Initiative signed by Morocco and China in November 2017.

The initiative, which comprises the Silk Road Economic Belt and the 21st Century Maritime Silk Road, was proposed by Chinese President Xi Jinping in 2013, with the aim of building a trade and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes.

The latest agreement offers a solid basis for the Sino-Moroccan cooperation in the private sector, with a view to consolidating Morocco's position as a major gateway to Africa and creating new momentum for the development of the bilateral ties.

The BOA Group is also planning to open a branch in the Chinese city of Shanghai as soon as possible, the report said.