The Arab Trade Financing Program (ATFP) has spread a $25 million credit line to Attijariwafa Bank of Morocco to fund foreign trade deals, it was reported on Friday.
The Arab Trade Financing Program (ATFP) is a specialized multi Arab financial institution which aims to contribute to the development of Arab trade and to the increase of the competitive capabilities of the Arab producers and exporters.
Attijariwafa Bank is the largest bank in Morocco and the third largest in Africa. Headquartered in Casablanca, it was established after a merger between Banque Commerciale du Maroc and Wafabank.
This latest deal raised credit lines offered to Moroccan national agencies to 42 at a total value of $905 million.
This is the second credit line proffered to Attijariwafa Bank. Earlier this month, the Arab Bank for Economic Development in Africa (BADEA), signed a contract for a line of credit valued at $10 million to Attijariwafa Bank (Morocco).
The plan was to finance Arab Exports to Sub- Saharan African countries.
This was in the context of the framework of BADEA's Program of Arab Exports to African countries, which is aimed reinforcing the integration of Arab and African economies.