The Moroccan banking group Bank of Africa (BOA), which has a strong presence in West Africa and which competes with Société Générale for second place behind Ecobank, signed a partnership agreement with the China-Africa Development Fund, CADfund, reports Infomediaire on 15 January.

The objective is to co-finance Chinese investment in Africa, either through the establishment of joint ventures or through direct bank financing, drawing on the BOA's African network, which is established in 18 countries, including 8 in West Africa (Benin, Burkina Faso, Ivory Coast, Ghana, Mali, Niger, Togo and Senegal).

CADfund has a financing capacity of $10 billion dollars exclusively dedicated to productive investment in Africa, reports our Moroccan colleague. BOA is thus strengthening its power in the Chinese financial market and establishing itself as the economic partner of choice in bilateral Sino-African cooperation.

Born 35 years ago, the BOA group is mainly owned by BMCE Bank, the 3rd bank in Morocco.