CDC Group, a development finance institution headquartered in the UK, has invested $200m in Morocco-based BMCE Bank of Africa to support the development of its operations.

Under the deal, CDC picked a stake of around 5% in BMCE that operates across Africa.

The move is said to be the largest single investment by a British firm in Morocco’s financial services industry.

It comes after CDC’s last year announcement of investing $4.5bn in the African continent.

The two parties intend to develop a long-term alliance, with an aim to support Africa’s economic development.

According to CDC, the infusion will bolster BMCE’s SME offering and support financial inclusion in Africa.

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The deal will be wrapped up after meeting customary closing conditions.

CDC CEO Nick O’Donohoe said: “CDC invests in financial institutions as a powerful mechanism through which to can deliver impact at scale.

“The capital markets in countries such as Morocco are integrated across Africa and are critical to the success of more economically challenged environments in the region.

“We see these countries as regional hubs, strong platforms from which to provide affordable finance, goods and services to millions more people.”

BMCE operates in more than 20 countries across Africa including Burkina Faso as well as Madagascar.