Moroccan and Madagascan banks sign agreements on investments

Nov 24, 2016

The agreements outline strategic investment partnership between the two nations.

Two Moroccan banks, Attijariwafa and BCP have signed partnership agreements with Madagascar's number top bank, BNI. The agreements were signed on November 21 during King Mohammed VI's visit to Madagascar. The partnership covers a wide range of areas of investment including investment financing, international trade, project financing, mission organization of businessmen and creation of a microfinance institution among others. In a statement issued by Attijariwafa bank, the bank stated "the agreement was signed by Alexandre Mey, CEO of BNI Madagascar and Mohamed El Kettani, CEO of Attijariwafa bank and is part of the program of non-bilateral commercial and economic cooperation agreements between our two countries." The agreements signed with Morocco's BCP will help Madagascar in financial inclusion through expertise of BCP group, provide financial backing for the Malagasy conglomerate. Foreign relations have significant impact on economic growth of both Morocco and Madagascar. Some of the benefits of such relations on both nations include development projects, loans, investments and trade free agreements.