The African Development Bank announced on Monday that it has approved a financing package totaling 70 million euros ($78.3 million) for the Moroccan financial institution, Bank of Africa, aimed at enhancing access to trade finance across the continent.

This trade finance initiative includes a Risk Participation Agreement (RPA) valued at 50 million euros and a Trade Finance Line of Credit (TFLOC) amounting to 20 million euros, as stated by the AfDB.

The funding is expected to facilitate nearly 300 million euros in trade over a period of 3.5 years, according to the announcement.

Bank of Africa ranks as Morocco's third largest bank, operating branches in 32 countries, with 20 of those located in Africa.