MOROCCO – Credit Agricole du Maroc (CAM) has renewed a cooperation agreement it signed with the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) in 2016 to promote innovative financing solutions in the field of agriculture.
Credit Agricole announced that it received a delegation from NIRSAL to renew the cooperation agreement between the two and strengthen the collaboration with a new agreement.
The new memorandum of understanding consolidates the achievements the two partners made in the past six years, including investments to stimulate the development of sustainable agriculture in Nigeria.
NIRSAL, owned by the Central Bank of Nigeria, aims to stimulate the flow of affordable finance and investments into the agricultural sector by de-risking the agriculture and agribusiness finance value chain.
Crédit Agricole du Maroc is a bank that, beyond its agricultural expertise, is also involved in several financing projects.
Leader in rural finance, CAM is the group’s universal bank that finances agriculture and participates in the socio-economic development of the rural world, in parallel with market and investment activities.
Its network of 543 branches across the Kingdom of Morocco allows it to be closer to its customers by offering them products and services adapted to their needs.
The deal strengthens Morocco and Nigeria’s cooperation in agriculture. Nigeria is one of the biggest markets for Morocco’s OCP Group.
In addition to being a significant importer of fertilizers and other phosphate-derived products, the West African giant is also one of the countries where OCP Africa conducts operations to finance and train farmers.
Recently, Nigeria sent 200 of its young farmers to Morocco and Israel to receive formal training, citing the North African country’s leadership in the field as one of the reasons why it was chosen to train the young farmers.