Audio By Carbonatix
The African Development Bank said on Monday it approved financing worth 70 million euros ($78.3 mln) for Moroccan lender Bank of Africa to promote access to trade finance in Africa.
The trade finance facility comprises a Risk Participation Agreement (RPA) of 50 million euros and a Trade Finance Line of Credit (TFLOC) of 20 million euros, the AfDB said in a statement.
The funding should catalyse almost 300 million euros in trade over 3.5 years, it said.
Bank of Africa is Morocco's third largest bank with branches in 32 countries, including 20 in Africa.
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