African Development Bank (AfDB) and Morocco’s Banque Centrale Populaire (BPC) signed yesterday May 8 a financing agreement worth $100 million to promote intra-African trade.

According to information relayed by Xinhua, the agreement should make it possible to boost trade relations between Morocco-based companies and others within the continent. It will support projects in key sectors such as water, infrastructure and energy.

This agreement which is part of a much larger program, should allow to raise the share of Intra-African trade among the total on the continent from the current 16% which is one of the lowest in the world.  Therefore, AfDB plans to invest up to $700 million to strengthen trade flow between African countries.

Let’s recall that by March 2018, 44 countries had already signed the African Free Trade Area agreement aiming at creating a single market to boost trade on the continent.

Moutiou Adjibi Nourou