In a statement published on September 4, 2017, Moroccan group Attijariwafa Bank and Sumitomo Corporation Europe Ltd announced they have signed a memorandum of understanding to develop major projects in Africa. The agreement itself was signed on July 26.

With the memorandum of understanding, Attijariwafa Bank and Sumitomo Corporation Europe Ltd plan to build a long-term partnership, to coordinate various operations in Africa, in the automobile, infrastructure, industry, chemistry, mining and agricultural sectors.

Commenting the signing of the MoU, Boubker Jai, Managing Director of Attijariwafa Bank group declared: “It is an opportunity for both our groups to work together in Africa. This partnership offers promising prospects to Sumitomo Corporation, for the development of its investments and commercial flows, with our collaboration”.

For his part, Ikari Data, Managing Director of Business Development at Sumitomo Corporation Europe Ltd, he added: “We decided to sign this agreement with Attijariwafa Bank in order to boost our presence and assets in Africa. Also to have access to the expertise and network of Attijariwafa Bank which is currently an integrated African financial group, able to support our new regional strategy in countries where it already operates”.

Let it be recalled that Sumitomo Corporation already has subsidiaries in Morocco and South Africa where it manages major commodity deals in all kinds of industries. In Morocco, it works with local retailers of Japanese brands.