Morocco, Senegal to set up joint business bank

Morocco and Senegal will set up shortly a joint business bank, it was officially announced in Dakkar on Wednesday.

The Moroccan External Trade Bank (BMCE Bank) will sign shortly an agreement with Senegalese partners for the creation of the joint bank, Moroccan External Trade Minister, Mustapha Mechahouri said in Dakar at a meeting of Moroccan and Senegal private operators.

BMCE Bank President, Othman Benjelloun, will visit Dakar soon to materialize the project, the minister said.

The official deplored, however, that trade between Morocco and Senegal are still short of the desired levels and of the excellent political ties binding the two nations.

Senegal is Morocco's 38th ranking client and 94th supplier. Trade exchanges between the two countries increased from 53.2 million dirhams, nearly US$ 5.32 million, in 1990 to 194,8 million dirhams, nearly US$ 19.42 million in 2001.