Bank of Africa and SACE Forge Strategic Alliance to Drive Italian Investment Across Africa

Marrakech – Bank of Africa and SACE, the Italian export credit agency under the Ministry of Economy and Finance, have signed a comprehensive cooperation agreement in Casablanca to expand financing and investment opportunities across Africa.

The partnership is designed to facilitate the entry of Italian companies and their supply chains into strategic African projects. By combining Bank of Africa’s extensive regional footprint and local market expertise with SACE’s risk-coverage, insurance, and financing solutions, the two entities aim to streamline the execution of large-scale initiatives.

The collaboration will focus on identifying new opportunities, structuring integrated financial packages, and providing competitive funding for projects involving Italian suppliers. Key priority sectors include energy, infrastructure, health, education, water resources, and agrifood. The agreement also encompasses business matching, professional training, and the exchange of strategic market intelligence.

This initiative aligns with the Mattei Plan for Africa, a strategic framework promoted by the Italian Presidency of the Council of Ministers.

Mario Melillo, SACE’s Chief Network Officer, described the partnership as a pivotal step in enhancing the agency’s ability to support Italian firms in African markets, noting that Africa remains central to SACE’s global strategy.

Khalid Nasr, Executive Managing Director for Morocco and Corporate and Investment Banking at Bank of Africa, positioned the bank as a “commercial gateway” to the continent. He emphasized that while SACE secures European investments, Bank of Africa provides the local execution capacity essential for the long-term viability and success of these projects.

The signing ceremony was attended by Pasquale Salzano, Italy’s ambassador to Morocco, who highlighted Morocco’s role as a strategic partner and a primary hub for Italian companies expanding their reach across the continent.

SACE manages a portfolio of guaranteed investments and insured operations totaling approximately €290 billion across 200 markets. Bank of Africa maintains a presence in 32 countries across Africa, Asia, Europe, and North America, serving 6.6 million clients through nearly 2,000 points of sale.

This agreement follows another significant milestone for Bank of Africa, which recently arranged a $300 million international syndicated loan for a 160-kilometer road project in northern Guinea. This transaction marks Guinea’s inaugural entry into both the Islamic finance and international syndicated loan markets.

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