Central Africa: Morocco finalizes its entry into the capital of the BDEAC for a total amount of 4.52 billion FCFA

Morocco finalizes its entry into the capital of the BDEAC for a total amount of 4.52 billion FCFA
Written by Gisele Alba

The Central African Development Bank (BDEAC), represented by Zounguere-Sokambi Armand Guy, Vice-President, and Morocco, represented by Mohammed Boussaid, Minister of Finance, signed on Wednesday 21 June 2017 the  participation of the Sherifian kingdom in the social capital of the BDEAC, it was learned from an official statement.

This Moroccan participation in the round table of the institution of financing of the development has two characteristics. The holding of 238 Class B shares with a par value of ten million CFA francs each for a total amount of 2.38 billion and the holding of a share of callable capital of a nominal value of CFAF 2.142 billion, for a total of CFAF 4.52 billion.

I would like, on behalf of the members of BDEAC’s decision-making bodies, to express to the Highest Attention of the King, His Majesty Mohammed VI, Head of State of Morocco, the pride of being among the shareholders of BDEAC, the Kingdom of Morocco, “Mr Zunguere-Sokambi said in his speech.

This agreement is the final step in a process that officially began on 16 November 2015, with the authorization given by the decision-making bodies of BDEAC, to open its capital to entities that are not members of the CEMAC.

In February 2016, Morocco was asked to participate in this acquisition. On May 26, 2016, the Moroccan Ministry of Finance marked the Kingdom’s agreement in principle on this operation.

The resources obtained from this cooperation will enable the financing institution to “better meet the financing requirements of the public and private sector of the Economic and Monetary Community of Central Africa (CEMAC) and contribute to the well-being of Population, “says the BDEAC.

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Gisele Alba

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