Morocco finalized an equity investment deal worth €10 billion with the Development Bank of Central African States, a move that further strengthens Morocco’s financial footprint on the continent.
The deal was signed in Rabat this week by Morocco’s economy Minister Mohamed Boussaid and the vice president of the Development Bank of Central African States Zounguere Sokambi Armand Guy.
Speaking to the press, Boussaid said that Morocco’s participation in the Bank’s capital is part of an endeavor to take part in regional financial and economic institutions in the continent in keeping with Morocco’s new African policy.
The deal will also help Morocco strengthen ties with Central African states in keeping with King Mohammed VI’s south-south cooperation vision.
For his part, Zounguere Sokambi Armand Guy described this equity investment in the bank’s capital as a historic move in the process of developing relations between Morocco and the different countries of the African continent.
Known by its French acronym, BDEAC, the Development Bank of the Central African States was founded in 1975 in Bangi by the heads of state of Cameroon, Central African Republic, Republic of the Congo and Gabon.
Based in Brazzaville, the bank started operating in 1977 as an international financial institution in charge of financing the development of the member states of the Economic and Monetary Community of Central Africa (CEMAC).