Morocco's BMCE Bank of Africa (BOA) will open a branch in the Chinese city of Shanghai, local media reported Tuesday.
The financial daily L'Economiste reported that the branch is expected to open in September. The BOA has opened a representative bureau in China since the early 2000s.
The Moroccan bank has been involved in several projects with Chinese institutions and firms, including the establishment of an industrial park in northern Morocco and the building of the tallest skyscraper in Africa in the capital Rabat.
Moreover, BOA inked a Memorandum of Understanding with the China Development Bank on Friday to enhance bilateral trade and investment.
The deal aims to boost joint ventures in infrastructure programs, transport, car manufacturing, technology parks, investment and trade, and sustainable development projects.
It offers a solid basis for the Sino-Moroccan cooperation in the private sector, with a view to consolidating Morocco's position as a major gateway to Africa and creating new momentum for the development of the bilateral ties.