A Moroccan bank has signed a partnership deal with a Chinese bank worth MAD1.2 billion ($124.05 million) for the manufacturing of a new generation of electric buses in Morocco, said a report.

The relationship between Morocco and China is steadily developing following the signing of strategic partnership and the many economic and cultural agreements by King Mohamed VI and the Chinese president Xi Jinping, added the Morocco World News report.

Morocco’s Banque Populaire (Popular Bank) recently signed an important partnership with the Chinese industrial company Yangxi and Energy Investment Company, it said.

The communiqué of the Popular Bank carried by MAP explains that the bank aims through this partnership, which was signed on the occasion of King Mohamed VI’s official visit to China, to promote the label “Made in Morocco”.