The Moroccan banking group Bank of Africa (BOA), which has a strong presence in West Africa and rivals Société Générale for the no. 2 position behind Ecobank, signed a partnership agreement with the China-Africa Development Fund on 15 January, CADFund, reports InfoMédiaire.

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

CADFund has a financing capacity of $ 10 billion 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 an economic partner of choice in China-Africa bilateral cooperation.

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