In the framework of the Chinese initiative called “Belt and Road”, Mohamed EL KETTANI, CEO of Attijariwafa Bank Group and Liu Liange, CEO of Bank of China, initialed on the sidelines of the Sino African Forum, a memorandum of understanding to strengthen their cooperation in a number of areas.
Announced by Chinese President Xi Jinping in September 2013, the Belt and Road Initiative is an ambitious multi-faceted strategy to stimulate capital, services and goods flows between China and the rest of the world.
It targets more than 65 countries, including Morocco, which together account for 29% of global GDP and 63% of the world’s population.
It should be noted that the estimated cost of the first projects is of the order of 900 billion dollars and the loans that will be granted by China, could reach 8 billion dollars for future infrastructure in the various countries crossed.
It is in this context that the agreement signed between Attijariwafa bank and Bank of China, whose main lines of cooperation are, inter alia, the strengthening of relations by intensifying the exchange of information, the identification of projects of common interest and mutual assistance for the understanding and the approach of the markets as well as the settlement of commercial transactions.
In addition, both parties agree to share their risk management expertise in countries and regions that require a high level of vigilance and due diligence. Research and joint financing in Morocco and other African countries of projects in infrastructure, new energies, the automotive industry, construction and logistics, ports, airports, etc.
According to the CEO of the Moroccan banking group, this memorandum is a new milestone in the partnership linking its institution to the Bank of China group.
With Bank Of China, Attijariwafa Bank has the ambition to support the projects registered under this initiative, and directed towards Africa.
