Mr. Mohammed BOUSSAID, Minister of Economy and Finance, and Mr. Zounguere SOKAMBI ARMAND GUY, Vice-President of the Development Bank of the Central African States (BDEAC) signed the agreement of Morocco’s equity investment in the BDEAC on Wednesday, June 21, 2017 in Rabat.
In his statement to the press, the Minister of Economy and Finance affirmed that this action is part of the strategic vision of His Majesty the King, may God Glorifies him, aiming to participate in African financial and economic bodies. The Minister has also recalled the return of the Kingdom of Morocco to the African Union and the agreement to join ECOWAS, and underlined Morocco's firm determination to establish win-win economic and financial partnerships at the continental level.
In addition, the Minister reiterated Morocco's interest in strengthening its relations with the countries of the Economic and Monetary Community of Central Africa (CEMAC). For his part, the Vice-President of the Development Bank of Central African States qualified the day of signature of Morocco’s equity investment in the capital of BDEAC as a historic day in the process of developing relations between the Kingdom of Morocco and the different countries of the African continent.
Moreover, he stressed that this action is likely to bring Morocco closer to the countries of Central Africa; a rapprochement which involves strengthening South-South cooperation and encouraging private investment.
The Vice-President of BDEAC also stated that the participation of Morocco in the capital of the BDEAC will allow the countries of the region to meet the demands of an increasingly globalized economy and highlighted the strategic role of the Kingdom in strengthening South-South cooperation between African countries and in particular between member countries of the Economic and Monetary Community of Central Africa.
It should be noted that the two officials ceased the opportunity to exchange views on the prospects for cooperation between Morocco and BDEAC, as well as on ways and means to further strengthen economic relations between Morocco and CEMAC countries.
The Development Bank of Central African States (BDEAC)
Founded in 1975, the Development Bank of Central African States (BDEAC) is the financing institution for the development of the Economic and Monetary Community of Central African States (CEMAC), whose member states are Cameroon, Central African Republic, Congo, Gabon, Equatorial Guinea and Chad.
BDEAC is based in Brazzaville, Congo, and has five national offices in Douala (Cameroon), Bangui (Central African Republic), Libreville (Gabon), Malabo (Equatorial Guinea) and N'djamena (Chad).
The missions of BDEAC are:
- promoting the economic and social development of CEMAC countries, in particular through financing national and multinational investments, and economic integration projects;
- assisting States, sub-regional organizations, financial institutions and economic operators in their efforts to raise financial resources and finance projects;
- supporting States, sub-regional organizations and economic operators in financing programs and projects’ feasibility studies.
Besides, BDEAC is indirectly involved in meeting the financial needs of small and medium-sized enterprises through the refinancing lines granted to credit institutions.
Although the majority of BDEAC’s share capital is owned by CEMAC states, its capital is also open to non-CEMAC member States, as well as to regional and international institutional investors wishing to contribute to the emergence of the countries of the sub