The Ecobank Group has entered into an agreement with Bank of China (Mauritius) Limited aimed at enhancing collaboration in areas such as trade, payment systems, and financial solutions that promote economic development between China and Africa.
This information was revealed in a declaration posted on the official website of the pan-African financial institution.
As per recent figures published by China's General Administration of Customs, China continues to be Africa's top trading partner. The total bilateral commerce surpassed the $300 billion threshold for the initial time, amounting to $314.41 billion during the first eleven months of this year, reflecting a rise of 17.8 percent compared to the previous year. During the identical timeframe, shipments from China to Africa climbed by 26.3 percent annually, whereas purchases from Africa went up by 5.2 percent over the course of the year.
Speaking about the MOU, Jeremy Awori, CEO of Ecobank Group, stated that the agreement highlights the increasing significance of trade between China and Africa, as well as the necessity for dependable financial systems to facilitate this growth.
"China-Africa economic relations keep growing, and our clients from both regions depend on effective and clear financial services. This new collaboration with the Bank of China will enable tangible outcomes in trade financing, payment systems, and RMB expertise. We anticipate incorporating this partnership throughout our network to enhance client support and reinforce the wider China-Africa economic connection," he stated.
Ecobank stated that the agreement was based on a collaboration initiated in 2010 and continued with increased interaction this year, such as a recent trip by Ecobank Group's executives to the head office of Bank of China.
Both organizations committed to strengthening their longstanding partnership and striving for tangible results that support clients within their respective networks.
According to the agreement, the Ecobank Group and Bank of China (Mauritius) will seek enhanced cooperation in line with the goals of the China-Africa Cooperation Forum to enhance trade financing and international payment processes.
Through this program, they will utilize their individual strengths to assist their customers with RMB-based services, offering African businesses, Chinese companies, and international traders improved methods for settling transactions and obtaining financial support.
The Ecobank Group and Bank of China (Mauritius) will exchange insights and technological know-how concerning banking activities and advancements in the finance industry to promote environmentally responsible economic and commercial expansion.
Both sides will also look into possibilities of collaboratively organizing syndicated loans and additional financial arrangements for initiatives with participation from Chinese entities in African markets.
The agreement aligns with Ecobank Group's overall plan, along with other new collaborations, to strengthen payment and trade routes between Asia and Africa.
The main aim is to broaden collaborations that promote monetary unity and economic growth throughout the region.
At the same time, Ecobank organized activities to mark its 40th year, including the presentation of a memorial sign recognizing the seventy pioneers who established the bank four decades prior, as well as an elegant dinner gathering that attracted notable attendees from throughout Africa and further afield.
Supplied by SyndiGate Media Inc. ( Syndigate.info ).
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