Under the umbrella of the Arab Africa Trade Bridges (AATB) Program, the International Islamic Trade Finance Corporation (ITFC) extended its partnership further with the Banque Centrale Populaire (BCP) , major financial player in Africa by signing Memorandum of Understanding on the sidelines of the Business Forum of the Agadir Agreement and the West African OIC Member Countries that took place in Casablanca, Kingdom of Morocco on 10 and 11 May 2018.
This signing comes as an extension to the first EUR40 Million financing agreement signed in June 2017 with BCP’s Cote d’Ivoire based banking subsidiary, ABI (Banque Atlantique), which has presence across ten Sub Saharan Africa countries.
“This MoU has been built on a firm belief of our mutual strategy in relation to regional cooperation. Through BCP’s strong regional networks within African and Arab countries, we can extend financing targeted towards supporting regional trade flows, and this is exactly the core mandate of the Arab Africa Trade Bridges (AATB) Program”, commented Eng. Hani Salem Sonbol, CEO ITFC.
Under the said MoU, collaboration will take place by exploring the opportunities proposed by the AATB program to develop specific interventions and dedicated trade finance and trade development components, in addition to supporting Trade between French and English speaking African countries.
For his part, Mr. Kamal MOKDAD, BCP Co-CEO, Head of the International Global Banking, said : “Our partnership with ITFC is strengthened through this agreement that will allow the two parties to combine their expertise to boost the effectiveness of the Trade activity on the African and Arab markets. He added : “This strategic cooperation is reflected in the co-organization of B to B events in Africa, the development of Trade activities in new geographical areas and the support of participative finance in Morocco and sub-Saharan Africa “.
It is worth mentioning that BCP recently acquired new banks in Mauritius Island and Madagascar in order to penetrate markets of the Southern African Development Community (SADC).
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the purpose of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world.