Bank of China opens representative office in Morocco

Bank of China has opened a representative office in Morocco.

The bank which is one of the largest in China, established its presence in the capital Rabat on Monday, in a move that aims to support Chinese companies in the region.

Bank of China sets up in Morocco https://t.co/ib0tZxrKx7 pic.twitter.com/tNOdBkTCtz

— eNCA (@eNCA) March 15, 2016

The bank will also assist African firms in the region to further bolster closer business ties with the Asian economic giant.

“Bank of China is one of the largest global financial institutions. China has been heavily investing in Africa and this will act as a vehicle for driving Chinese investments on the continent. It will also to a large extent assist Moroccan investors via the Casablanca Finance City,” said Said Ibrahim CEO, Casablanca Finance City.

Africa has helped fuel China’s economic boom through natural resources such as iron ore and oil over the years, China has become Africa’s largest trading partner.

Morocco is seeking to lure foreign investors with tax and other incentives under its Casablanca Finance City project that aims to be a gateway to North, West and Central Africa.