IN a significant move to strengthen businesses and trade across Africa, the African Development Bank (AfDB) and Attijariwafa Bank Europe, the European subsidiary of the Attijariwafa Bank Group, have formalised a €100 million risk-sharing agreement. The groundbreaking pact is set to have far-reaching effects, catalysing nearly €500 million worth of trade for companies operating in over twenty African countries.
The agreement is designed to diversify production capacity in beneficiary countries, bolster competitiveness, generate higher tax revenues, and create new jobs. It will position Attijariwafa Bank to scale up financing to firms in critical sectors, including health, agriculture and agri-food, renewable energy, telecommunications, and services. The initiative extends its support to businesses focused on sustainable development projects and those led by women.
This risk-sharing mechanism is expected to provide African companies with stable access to financing for their foreign trade operations, playing a pivotal role in accelerating the implementation of the African Continental Free Trade Area—an essential vector for continental economic integration.
African businesses have been grappling with limited access to commercial financing due to tightening capital and compliance regulatory standards across the continent. The partnership between AfDB and Attijariwafa Bank Europe addresses this challenge and comes at a time when several international banks have reduced their commitment and activities in Africa.
Mohamed El Azizi, African Development Bank Director General for North Africa, emphasised the broader impact of the collaboration, stating, ‘By joining forces with Attijariwafa Bank, we are not just sharing risks. We are creating new opportunities for all those who undertake and project themselves in Africa.’
Achraf Tarsim, African Development Bank Country Manager for Morocco, highlighted the commitment to breaking the continent’s financial isolation, stating, ‘We want to break the continent’s financial isolation by supporting African champions who can strengthen the financial inclusion of businesses and help them to expand on the continent.’
Younes Belabed, Managing Director of Attijariwafa Bank Europe, expressed the group’s dedication to the development of the African continent, saying, ‘For more than a decade, the Attijariwafa Bank Group has been committed to the development of the African continent in a spirit of inclusive and mutually supportive growth. With the partnership set up between the African Development Bank and Attijariwafa Bank Europe, our Group is consolidating its position as a major player in strengthening the African economic fabric and a major contributor to the revitalisation and development of North-South exchanges.’