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APA-Rabat (Morocco)
BMCE Bank of Africa has just received the definitive agreement, dated July 4th, from the Chinese Regulator in charge of Banking Supervision, the China Banking Regulatory Commission, for the opening of a branch of BMCE Bank Of Africa in Shanghai, announced Friday BMCE Bank.
BMCE Bank thus becomes the first Moroccan bank to establish itself in the People's Republic of China. Recall that a preliminary agreement was notified to BMCE Bank of Africa on November 30, 2017, following the filing of its application for approval with the Chinese Regulator.
The BMCE Bank of Africa branch in Shanghai is planned to play a catalytic role in the economic relations between China and Morocco, as well as to participate actively in Trade Finance and Project Finance operations between China and the African continent.
FDI flows in Morocco reached almost € 33 million (DH 362.5 million) in 2016 and in the first six months of 2017 amounted to nearly € 53 million (MAD 582.4 million), doubled the flow achieved in 2016.
China is Morocco's third largest trading partner with an overall trade volume of nearly 3.6 billion euros (39.5 billion dirhams) in 2016, an annual change average of + 18,2% between 2001 and 2016. [19659007] HA / APA
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