Bank of Africa and SACE Join Forces to Finance Strategic Projects in Africa
Bank of Africa (BoA) and SACE, the Italian export credit agency owned by the Italian Ministry of Economy and Finance, have signed a cooperation agreement aimed at enhancing financing and investment opportunities on the African continent.
Through this partnership, both institutions aim to facilitate the participation of Italian companies and their supply chains in strategic development projects in Africa, while promoting economic cooperation among various stakeholders.
Combining Banking Expertise with Guarantee Solutions
According to Bank of Africa, this agreement merges the Moroccan banking group’s presence in numerous African countries with its knowledge of the continent’s markets, along with the solutions offered by SACE in terms of insurance, financing, and risk coverage.
This complementarity is expected to enable the structuring of joint operations and to provide tailored financing solutions that meet the needs of investors and businesses involved in high-value projects.
Targeting Key Sectors
The partnership notably includes the identification of new investment opportunities, mobilization of competitive financing, and the connection of Italian companies with African partners.
Both institutions will focus their efforts on several key sectors deemed a priority, including energy, infrastructure, agribusiness, water resources, health, and education, which are considered engines of economic development on the continent.
Cooperation Embedded in the Mattei Plan
The signing of the agreement took place in the presence of Pasquale Salzano, the Italian Ambassador to Morocco, Mario Melillo, Chief Network Officer of SACE, and Khalid Nasr, Executive General Director in charge of Morocco and Corporate & Investment Banking at Bank of Africa.
According to BoA, this initiative is part of the Mattei Plan for Africa, which aims to strengthen economic and industrial partnerships between Italy and African countries.
Through this alliance, Bank of Africa and SACE intend to support more foundational projects, promote productive investments, and contribute to the development of economic exchanges between Africa and Italy.
