African bank sets sights on strengthening Sino-Africa ties

The BMCE Bank of Africa, one of the leading African banks to open a branch in Shanghai, has said that it will be focused on strengthening Sino-Africa business relations.

Officially commissioned in January 2019, the Morocco-based bank serves as a platform for Chinese entrepreneurs to invest in African markets while helping their African counterparts reach potential Chinese partners.

The bank said that it is aiming to become one of the major institutions to provide renminbi currency settlement services in Africa and support foreign currency and renminbi financing businesses.

To reinforce economic ties with Africa, China and the rest of the world, the bank has established funds dedicated to financing small and medium-sized companies as well as carried out Sino-Morocco cooperation with entities such as the China Development Bank Corporation, one of the leading banks in the Chinese banking sector.

Having participated in the China-Morocco Economic Forum and organized the first China-Africa Investment B2B Meetings, the bank said that it has also helped to promote the influence of Moroccan and African economies.

During Moroccan king Mohammed VI's visit to China in May 2016, a joint statement on establishing strategic partnership with China was signed to develop bilateral relations between the two countries.

China has also officially welcomed Morocco, one of the earliest African and Arab countries to build diplomatic ties with China, to carry out more cooperation under the Belt and Road Initiative.

Tang Xiaofan contributed to this story