Moroccan bank, AfDB allocate 100 mln USD to promote intra-african trade – Xinhua

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. Intra-Africa trade stands at about 16 percent of the total on the continent, compared with 19 percent intra-regional trade in Latin America, 51 percent in Asia, 54 percent in North America and 70 percent in Europe.

Kamal Mokdad, the head of the international service…

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