Rabat – Banque Centrale Populaire (BCP) signed a memorandum of understanding (MoU) with the Nigeria-based development bank Heirs Holdings this week, paving the way for new cooperation on investing and co-financing opportunities across the African continent.
Heirs Holdings is known for its support of Africapitalism, which urges the continent’s financial institutions and business leaders to spearhead economic development efforts – similar to King Mohammed VI’s South-South cooperation initiatives. The monarch has been touring African Union states to ramp up support for Morocco’s return to the regional organization.
Heirs Holdings chairman Tony O. Elumelu and Mohamed Benchaaboun, the CEO of BCP signed the document, according to Business Daily Online. Elumelu also heads the United Bank for Africa – with operations spread across 19 countries – which signed a cooperation agreement with Attijariwafa Bank as well.
“This is an opportunity for the private sectors of both countries to collaborate to leverage on opportunities for sustainable economic growth,” Elumelu said in statement. “It shows that our leaders are committed to intra-African trade and to prioritizing commercial relationships across borders. As businesses that both share a pan-African perspective, we recognize the importance of intra African trade as a pillar of the continent’s economic transformation.”
The Tony Elumelu Foundation will also continue to fund the training of North African youths in skills necessary for the 21st century business environment through the organization’s entrepreneurship program, which mentors 1,000 start-up CEOs across Africa every year.
Benchaaboun said he expects the new cooperation between Nigerian and Moroccan banks to “deepen African integration” in order to attract further investments from other parts of the world.
