Agricultural Bank of Morocco (CAM) strengthens its partnership with NIRSAL.

Agricultural Bank of Morocco (Credit Agricole du Maroc) (CAM) reported that it strengthened its partnership with the Nigerian program NIRSAL,(Nigeria Incentive-Based Risk Sharing System for Agricultural Lending) This came within the framework of the Bank’s strong commitment to the strategic role it plays for the financial integration of farmers in Africa.

On 20 May 2022, Credit Agricole of Morocco, welcomed the delegations of Africa, representing the Nigerian program (Nigeria Incentive Risk Sharing in Agricultural Lending – NIRSAL PLc )

This visit came to renew the Memorandum of understanding signed between the two parties on 2 June 2016 in front of His Majesty King Mohammed VI, and His Excellency the President of the Federal Republic of Nigeria, Mr. Mohammed Boukhari.

According to the statement, since the conclusion of this Convention, CAM and the Nigerian program NIRSAL has developed a road map for the operationalization of this partnership on the most important topics of common concern.

The Exchanges between the two parties over the past period have been related to innovative financing models that will stimulate the development of sustainable and integrated Agriculture in Nigeria.

The experience of the CAM, its unique agricultural sector financing system, and risk management tools developed since its inception in 1961, were the focus of discussions with the partner.

Launched in 2011 as a new agricultural financing strategy and platform, NIRSAL is a private-public initiative created to promote investments in agriculture through credit guarantees on loans granted to farmers, agro-industrial investors, and other operators in the agricultural sector.

Its intervention is based mainly on the establishment of an innovative risk-sharing mechanism, the consideration of all cultures and activities along the value chain, as well as the advice and technical assistance provided to the active partners in the value chain.

The New MOU comes to strengthen the earned convention by focusing more on promising innovations in the area of agricultural finance.

This convention opens new opportunities for a strong and sustainable partnership to support the agricultural population and promote its financial inclusion in Nigeria, a country with much agricultural potential.