As a symbol of China-Africa alliance for African co-development under the Belt and Road Initiative, the Shanghai Branch of Banque Marocaine du Commerce Exterieur (BMCE) Bank of Africa opened for business on Tuesday. 

According to Mohammed Agoumi, the bank's delegate general manager, the bank will cooperate with giant Chinese banks like the Bank of China to boost the financing service for the Belt and Road Initiative cooperation, especially in energy, infrastructure and transportation projects implemented in Africa.

Present in China through its representative office since 2000, BMCE Bank of Africa is one of the leading African banks to obtain approval to open a branch in Shanghai, three months after it received an official commission in January 2019. As a counterpart for both public and private Chinese economic operators willing to invest in the African market, the Shanghai branch has also become an often sought-after interface on the Moroccan side. 

The BMCE Bank of Africa Group aims to become one of the major actors in renminbi (RMB) currency settlements in Africa once it gets the green light from the Chinese authorities. Hence, the BMCE Bank Of Africa Shanghai branch might be the starting point to support foreign currency and RMB financing. At the same time, BMCE Bank of Africa Shanghai will support Chinese institutions looking to invest in Africa through deals offered by all subsidiaries working for Africa or by participating directly in the funds.

On the other hand, in order to identify all customers with working relations with China, a major commercial activity headed by BMCE Bank Of Africa Group in Morocco and throughout the continent is to be conducted soon in order to offer these customers lines of finance in Chinese currency.

To strengthen economic relations between Morocco, Africa in general, China and the rest of the world, BMCE Bank of Africa Group has committed to large-scale partnerships to set up SMEs Financing Funds and cooperation between Morocco and China, in particular with the China Development Bank Corporation (CDBC), one of the leading banks in the Chinese banking sector. Also, it organized the first China Africa Investment B2B Meetings (CAIM) with the participation of more than 250 investors and business leaders from Morocco, China and Sub-Saharan Africa, who met to exchange and enter into partnerships in various sectors of common interest, such as in the automotive sector, agriculture, renewable energy, tourism, logistics and infrastructure.

To further strengthen its position in China, BMCE Bank of Africa has also participated in the China-Morocco Economic Forum, where several Memoranda of Understanding have been sealed with Chinese industrial and financial operators. Through these endeavors, BMCE Bank of Africa Group has been able to position itself as a leading economic player for the development of Sino-Moroccan African relations.