Rabat – The Moroccan BMCE Bank of Africa has received a Category 4 License from the Dubai International Financial Centre (DIFC), which is expected to strengthen ties between the Moroccan bank and partners throughout the MENA region.
Delegate General Manager of the BMCE Mohammed Agoumi spoke on the DIFC branch opening. Agoumi said that this license will allow the Moroccan bank to facilitate $200 million in investment transactions and trade finance within the first year.
The invested sum of $200 million is expected to double annually over the next three years, added Agoumi.
The delegate general manager excluded every suspension in the supply chains of trade between Africa and China amid the novel coronavirus (COVID-19) pandemic. However, Agoumi does expect a delay of deliveries routed to Africa.
Agoumi reassured the bank’s partners about the special circumstances of the COVID-19 outbreak:
“We will be very complacent with our customers in terms of facilities and payments because we know about the challenges and hardships they face at present. This will be part of our response to support our partners in times of crisis,” he said.
Agoumi highlighted the growing number of Gulf investors who are interested in Africa, adding that they are present in more than 34 countries, which strengthens BMCE Bank’s position in the MENA region.
ReKrute, an e-recruitment website, named BMCE Bank of Africa as 2019’s most attractive employer in Morocco.
In a nod to the importance of corporate social responsibility, the employee-friendly Bank of Africa announced its $100 million contribution to Morocco’s Special Fund for the Management and Response to COVID-19 on March 17.
The special fund serves to support the national health, social, and economic sectors. Those industries most vulnerable to impacts from the COVID-19 crisis, such as tourism, receive appropriate attention.
Soon after the fund’s creation, several institutions announced contributions, including banks, private companies, and government bodies.