Moroccan and Senegalese deposit banks sign cooperation agreement --[Reported by Umva mag]

The agreement, signed on the sidelines of the Senegal-Mauritania Economic Forum, covers areas such as supporting businesses, stimulating the capital market, promoting sustainable financing tools, and combating climate change. This partnership marks a significant milestone in the 60-year relationship between Morocco and Senegal.

Morocco, a historical economic hub in West Africa, has long-standing trade ties with Senegal and other neighboring countries. The CDG’s commitment to partnering with Senegal aligns with the Moroccan government’s vision of fostering sustainable development and strengthening regional cooperation.

The CDG model, which focuses on collecting, managing, and transforming savings for public benefit, has gained significant interest across Africa. Since its establishment in 2004, the CDG has become a leading deposit bank in Africa, with nine similar institutions now operating on the continent.

The cooperation agreement between CDG and CDC will facilitate joint projects in various sectors, including integrated industrial platforms, digital technology sites, and sustainable development initiatives. Both parties expressed a commitment to addressing challenges such as youth employment, social exclusion, urbanization, coastal development, energy transition, and regional development.

The CDG’s expertise in project development and implementation will be instrumental in supporting Senegal’s development goals. The Senegalese delegation met with CDG subsidiaries to explore potential cooperation projects and exchange knowledge. Senegal also plans to organize its first National Investors’ Fair in December 2024 to attract investment and promote economic growth.

RT/Sf/ac/fss/abj/APA

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