RABAT, July 27 – Bank of Africa and SACE, Italy’s export credit agency owned by the country’s Ministry of Economy and Finance, have signed a cooperation agreement to expand financing and investment opportunities across Africa, strengthening support for strategic development projects involving Italian companies.
The agreement was signed in Casablanca on Friday and is designed to combine Bank of Africa’s extensive regional presence with SACE’s expertise in export credit, insurance, financing and investment risk coverage.
Under the partnership, the two institutions will collaborate to identify new investment opportunities, structure integrated financing solutions and improve access to competitive funding for projects involving Italian suppliers operating across the continent.
The cooperation framework also includes business matchmaking, knowledge sharing, training programmes and market promotion initiatives. Priority sectors include energy, infrastructure, agrifood, water resources, healthcare and education.
The initiative forms part of Italy’s Mattei Plan for Africa, a government-led strategy aimed at strengthening economic cooperation and investment ties between Italy and African countries.
Speaking during the signing ceremony, Mario Melillo, Chief Network Officer at SACE, described the agreement as “an important step” in expanding the agency’s ability to support Italian businesses seeking opportunities across Africa.
According to Melillo, SACE is the export credit agency “most engaged” on the continent in terms of new commitments, reflecting Africa’s growing importance within the institution’s international strategy.
Khalid Nasr, Executive Managing Director for Morocco and Corporate and Investment Banking at Bank of Africa, said the bank serves as “the commercial gateway” to Africa by providing the local expertise needed to transform financing arrangements into successful projects.
He added that while SACE helps secure investment from Europe, Bank of Africa ensures “their successful implementation and long-term viability in African markets.”
The signing ceremony was attended by Pasquale Salzano, Italy’s Ambassador to Morocco, alongside executives from both institutions.
In a social media post, Salzano described the agreement as “an important step forward” for economic cooperation between Italy, Morocco and Africa, highlighting Morocco’s role as “a strategic partner” and a preferred gateway for Italian companies expanding into African markets.
SACE currently manages a portfolio of approximately €290 billion in insured operations and guaranteed investments across 200 markets, supported by a network of 23 offices in Italy and internationally.
Bank of Africa operates in 32 countries across Africa, Europe, Asia and North America, with nearly 2,000 points of sale serving approximately 6.6 million customers.
The agreement follows another major cross-border financing transaction announced by Bank of Africa earlier this week. The bank arranged a $300 million international syndicated loan to finance a 160-kilometre road project in northern Guinea, marking the country’s first participation in both the international syndicated loan market and the Islamic finance market.
The latest partnership further reinforces growing collaboration between African financial institutions and international development finance partners to mobilise long-term capital for infrastructure and economic development across the continent.
