Bank of Africa, the multinational banking group led by Moroccan billionaire Othman Benjelloun, has signed a cooperation agreement with SACE, the Italian export credit agency owned by Italy’s Ministry of Economy and Finance, to expand financing and investment opportunities across Africa.

Signed in Casablanca, the deal is designed to support Italian companies and their supply chains as they pursue strategic projects across the continent. It brings together Bank of Africa’s regional reach and knowledge of African markets with SACE’s expertise in insurance, financing, and risk coverage. Together, the two institutions will identify investment opportunities, structure financing packages, and improve access to funding for projects involving Italian suppliers.

Beyond financing, the partnership also includes business matching, training, market intelligence, and promotional activities. The focus will be on sectors such as energy, infrastructure, agrifood, water resources, healthcare, and education. The agreement also supports Italy’s Mattei Plan for Africa, an initiative promoted by the Italian Presidency of the Council of Ministers to strengthen economic ties with the continent.

Unlocking European capital for African growth

Khalid Nasr, executive managing director for Morocco and corporate and investment banking at Bank of Africa, said the lender serves as a commercial gateway to Africa by combining its local presence with the ability to execute projects on the ground. He said SACE helps attract investment from Europe, while Bank of Africa provides the local expertise needed to deliver projects and support their long-term success across African markets.

Mario Melillo, SACE’s chief network officer, described the agreement as an important step in expanding support for Italian companies seeking opportunities in Africa. He said the continent remains a strategic priority for SACE, adding that the agency has built one of its largest portfolios of new commitments there.

The partnership adds to Bank of Africa’s growing cross-border activity across the continent. Last week, the lender arranged a $300 million international syndicated loan to finance a 160-kilometer road project in northern Guinea. The transaction, signed in Conakry on Wednesday, was presented by the bank as Guinea’s first access to both the international syndicated loan market and the Islamic finance market.

Strengthening Pan-African trade with Italy

Bank of Africa is one of Morocco’s largest banking groups, operating in 32 countries across Africa, Europe, Asia and North America. The lender manages over $46 billion in assets and serves nearly 6.6 million customers through 2,000 points of sale. Chairman Othman Benjelloun owns a 27.4 percent stake in the bank and, at 94, continues to play an active role in the institution. According to Forbes, his net worth is estimated at $1.7 billion.

SACE, meanwhile, manages a portfolio of insured operations and guaranteed investments worth about €290 billion ($330 billion), covering 200 markets through a network of 23 offices in Italy and abroad. The new agreement with Bank of Africa strengthens its presence in Africa while giving Italian businesses broader access to one of the continent’s largest banking networks.