The African Development Bank said on Monday it approved financing worth €70-million 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 and a Trade Finance Line of Credit (TFLOC) of €20-million, the AfDB said in a statement.
The funding should catalyse almost €300-million in trade over a 3.5-year period, it said.
Bank of Africa is Morocco's third largest banks with branches in 32 countries, including 20 in Africa.
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