African Development Bank Partners with Attijariwafa Bank Europe in €100 Million Risk-Sharing Agreement to Boost African Trade

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The African Development Bank (AfDB) and Attijariwafa bank Europe, the European subsidiary of the Attijariwafa bank group, have inked a groundbreaking €100 million risk-sharing agreement aimed at bolstering businesses and trade across Africa.

This landmark pact is poised to unlock nearly €500 million in trade opportunities for companies operating in over twenty African nations. It stands to diversify production capacity in beneficiary countries, enhance competitiveness, spur higher tax revenues, and foster job creation.

The agreement positions Attijariwafa bank to ramp up financing for enterprises in key sectors such as health, agriculture, agri-food, renewable energy, telecommunications, and services. Moreover, it extends support to businesses engaged in sustainable development projects and those spearheaded by women entrepreneurs.

At its core, the risk-sharing mechanism ensures that African companies have consistent access to financing for their international trade operations, a crucial factor in expediting the realization of the African Continental Free Trade Area’s objectives.

In recent times, African businesses have encountered challenges accessing commercial financing, owing to the tightening of capital and compliance regulatory standards across the continent. Consequently, several international banks have scaled back their commitments and operations in Africa.

Mohamed El Azizi, Director General for North Africa at the African Development Bank, emphasized, “By partnering with Attijariwafa bank, we’re not just sharing risks; we’re paving the way for new opportunities for all those invested in Africa.”

Achraf Tarsim, African Development Bank Country Manager for Morocco, underscored the institution’s commitment to breaking Africa’s financial barriers and supporting homegrown champions to bolster financial inclusion and facilitate continental expansion.

Younes Belabed, Managing Director of Attijariwafa bank Europe, highlighted the Attijariwafa bank Group’s decade-long dedication to Africa’s development, emphasizing the partnership’s role in fortifying the continent’s economic fabric and fostering North-South exchanges.

The collaboration between the African Development Bank and Attijariwafa bank Europe signifies a powerful alliance committed to driving sustainable economic growth and prosperity across the African continent.