Rabat - A Moroccan bank has signed a partnership with a Chinese bank to manufacture electric buses.
Rabat – A Moroccan bank has signed a partnership with a Chinese bank to manufacture electric buses.
The relationship between Morocco and China seems to be in its heyday. After the strategic partnership and the many economic and cultural agreements signed by King Mohamed VI and the Chinese president Xi Jinping, Morocco’s Banque Populaire Popular Bank recently signed an important partnership with the Chinese industrial company Yangxi and Energy Investment Company.
The partnership allots a sum of MAD 1.2 billion for the manufacturing of a new generation of electric buses in Morocco.
The communiqué of the Popular Bank carried by MAP explains that the bank aims through this partnership, which was signed on the occasion of King Mohamed VI’s official visit to China, to promote the label “Made in Morocco.” The partnership also aims at promoting economic and commercial exchange between Morocco and China.
The same source also added that in addition to this partnership, Popular Bank and its Chinese partner ICBC (Industrial and Commercial Bank of China) agreed to expand their cooperation to fund investment projects in Morocco and in Sub-Saharan Africa.
Morocco’s Central Popular Bank and its Chinese partner had already signed similar agreements during the Morocco-China Forum held in November 2014 in Beijing.
The Moroccan bank signed other agreements with other Chinese partners such as Huawei (Chinese multinational networking and telecommunications equipment and services company) and Bona (first supplier of tea for the international market.)