Rabat – The European Bank for Reconstruction and Development (EBRD) has awarded Morocco’s Bank of Africa (BMCE) with the “most active issuing bank in Morocco in 2021,” tweeted the Moroccan bank on Wednesday.
This award comes as a result of the two institutions’ fruitful collaboration in foreign trade financing and highlights BMCE’s efforts to continue to provide suitable short-term foreign currency financing to its customers, said a BMCE statement last night.
BMCE received this award during the EBRD’s 31st meeting, which is currently taking place in Marrakech.
Read also: Marrakech to Host EBRD Annual Meeting on May 10
The event saw many representatives from the ERBD’s 73 shareholders getting together, with a particular focus on the war in Ukraine.
The participants of the event will look at current economic concerns, which include rising inflation, soaring prices, energy crisis, and food concerns.
The EBRD is an international development investment bank that was founded in 1991. Headquartered in London, the EBRD operates in Europe, Asia, and Africa.
The Bank of Africa is part of the Moroccan Bank for Foreign Trade (BMCE), which was founded in 1959 as a public institution to promote Morocco’s foreign trade.
The BMCE privatized its operations in 1995, and has been accelerating its international development via subsidiaries in Europe and Africa.
BMCE and EBRD have had several interactions and agreements in the past.
EBRD, with the support of the Green Climate Fund (GCF) and the European Union (EU), provided last year a financial package worth up to MAD 262 million (€25 million)to the Bank of Africa – BMCE Group to support Morocco’s transition toward a green economy.
According to Making Finance Work for Africa (MFW4A), EBRD signed an agreement with BMCE to start a MAD 602 million (€57.4 million) funding mechanism to help small/medium-sized enterprises (SMEs).
EBRD had previously awarded BMCE with the “Most Active Partner in 2019” award thanks to Moroccan bank’s noticeable activity in the international field.
