Attijariwafa Bank, Arab Bank Cooperate to Boost Morocco-Jordan Ties

Rabat – The CEOs of Morocco’s Attijariwafa Bank and Jordan’s Arab Bank signed a Memorandum of Understanding (MoU) on Monday, January 13, to strengthen bilateral cooperation.

Maghreb Arab Press (MAP) reported that the banks intend to cooperate in commercial financing, capital markets, project financing, and banking services.

CEO of Arab Bank Nemeh Sabbagh confirmed that the memorandum will serve to improve economic and commercial ties between Morocco and Jordan.

The CEO of Attijariwafa Bank, Mohamed El Kettani, added that the agreement will establish partnerships in various fields in Morocco, Jordan, and the other countries where the two banks operate.

The MoU emerged during the Morocco-Jordan Investment Forum in Amman, an event that aims to promote economic and commercial relations between the two Kingdoms.

The Moroccan and Jordanian organizers announced the forum after Jordanian King Abdullah II visited Morocco from March 27 to 28, 2019.

During the visit, the Jordanian King met with King Mohammed VI to discuss wide-ranging issues driving politics in the Middle East.

The two leaders agreed to strengthen diplomatic ties between Rabat and Amman. They also stressed the importance of collective action to face high-priority issues of the region.

According to data presented at the Morocco-Jordan Investment Forum, the value of bilateral trade between the two countries reached only $31 million in 2018.

Consequently, an additional outcome of the forum is a convention that aims to ensure cooperation between Moroccan and Jordanian businesses.

The president of the General Confederation of Moroccan Enterprises (CGEM), Mohamed Bachiri, and the president of the Jordanian Businessmen’s Association, Hamdi At-Tabaa, signed the convention on Monday, January 13.

The convention also calls for sectoral committees within the joint Morocco-Jordanian business council in order to oversee economic and trade relations and to promote bilateral cooperation.