Heirs Holdings, Banque Centrale Populaire of Morocco sign investment M

oU
Heirs Holdings and Banque Centrale Populaire (BCP), a leading Moroccan bank, signed a memorandum of understanding (MoU) to collaborate on investing, co-financing and exchange of information, encouraging the identification of mutually beneficial investment opportunities across Africa.
Heirs Holdings is an African proprietary investment company with interests in financial services, power, oil and gas, real estate and hospitality and healthcare. Its operations are rooted in the economic philosophy of Africapitalism, which proposes private sector-led long-term investment in Africa by Africans.
Both organisations bring relevant experience as they work together to find new ways to create African solutions to African development challenges.
The framework document, which outlines cooperation areas between Heirs Holdings and BCP, was signed by Heirs Holdings chairman, Tony O. Elumelu, and chairman/CEO of BCP, Mohamed Benchaaboun. Elumelu, who is also chairman of United Bank for Africa (UBA), the pan-African banking group with operations in 19 African countries, signed an investment and cooperation agreement with Attijariwafa Bank on behalf of UBA, also.
Both organisations, which have invested significantly in growing pan-African networks, will collaborate to identify common areas of interest and encourage investments in Morocco, Nigeria and Africa as a whole.
According to Elumelu, “This is an opportunity for the private sectors of both countries to collaborate to leverage on opportunities for sustainable economic growth. It shows that our leaders are committed to intra-African trade and to prioritising commercial relationships across borders. As businesses that both share a pan-African perspective, we recognise the importance of intra African trade as a pillar of the continent’s economic transformation.”
Benchaaboun highlighted the opportunities in Nigeria and beyond in sub-Saharan Africa, saying “this agreement marks the beginning of a long-term partnership that will deepen African integration and help build confidence in our countries, as well as the continent as a viable investment destination.”
Elumelu also assured that his Tony Elumelu Foundation would continue to support youth skills development in Morocco and North Africa as a whole, through the Foundation’s $100 million Tony Elumelu Foundation Entrepreneurship Programme, which identifies, trains, mentors and funds 1,000 entrepreneurs from across Africa, each year.