Rabat's Ambitious Strategy for Hegemony in North Africa
In recent years, Rabat has implemented a bold and comprehensive strategy aimed at establishing itself as the preeminent power in North Africa and the Atlantic realm. This ambition transcends mere rhetoric and is rooted in a state doctrine that is orchestrated directly by the Royal Palace and executed through the _Makhzen_, leveraging diplomatic, military, energy, and financial instruments. A pivotal component of this strategy is the role of the "royal bank," which serves as a tool for the Kingdom of Morocco's foreign policy, facilitating geopolitical maneuvering, maintaining socioeconomic control over the diaspora, and managing investments and funds from Europe.
In liberal democracies like the European Union (EU), the intertwining of political and financial power is ostensibly governed by institutional separations, regulatory barriers, and market competition. Conversely, in Morocco, these boundaries dissolve, resulting in a corporate model where the state and major financial institutions operate as a cohesive strategic unit. At the center of this framework lies **Attijariwafa Bank (AWB)**, the largest banking group in Morocco and a flagship of the Al Mada holding company, which is directly overseen by the Moroccan Royal House through the management company Siger.
Understanding Attijariwafa Bank's Strategic Role
Grasping the significance of Attijariwafa Bank as a vehicle of both soft and hard power for the Moroccan State is essential for any discussion regarding the nation's operational dynamics. Rather than functioning as a conventional commercial bank driven solely by the pursuit of shareholder profits, it acts as the primary executor of Morocco's economic diplomacy. AWB is not merely a banking entity; it is the largest financial group in Morocco and North Africa, part of the expansive Al Mada conglomerate, which holds interests in critical sectors such as mining, telecommunications, and renewable energy. The majority ownership by the royal family's financial institution, Siger, indicates a strategic alignment between state policy and international financial operations.
Since the 2000s, and particularly after Morocco's re-entry into the African Union in 2017, Attijariwafa Bank has been instrumental in extending Moroccan influence across Sub-Saharan and Francophone Africa, including countries like Senegal, Ivory Coast, Mali, and Cameroon. Morocco's earlier withdrawal from the Organization of African Unity was primarily due to the organization's recognition of the Sahrawi Arab Democratic Republic (SADR). However, King Mohammed VI later acknowledged that this policy of isolation had been counterproductive, ultimately deciding to enhance Morocco's presence in Africa.
To fully appreciate Attijariwafa Bank's role, one must consider the evolution of Moroccan oligarchic capitalism, where Al Mada encompasses the most profitable sectors of the economy. The financial ties to the royal family ensure that the bank's strategic decisions are meticulously aligned with the objectives of Moroccan foreign policy. When the monarch visits Sub-Saharan capitals to forge bilateral agreements, executives from Attijariwafa Bank are invariably part of the official entourage, illustrating that the bank's expansion is not merely a market-driven endeavor but a direct extension of state directives aimed at solidifying Morocco's geopolitical footprint in Africa.
Thus, establishing subsidiaries in nations such as Senegal, Ivory Coast, and Tunisia serves as an advance guard for Rabat's political sway, actively challenging the remnants of French colonial financial influence and the encroachment of emerging powers like China. By acquiring local financial entities, Attijariwafa Bank finances critical infrastructure, agribusiness development, and logistical projects undertaken by Moroccan multinational corporations. This synergistic partnership creates a feedback loop of soft power, where host governments reliant on Moroccan investments become more diplomatically aligned with Rabat, particularly concerning the contentious issue of Western Sahara. Consequently, bank credit transcends traditional diplomatic efforts, enabling Rabat to exert influence that belies its macroeconomic stature.
As reported by escudodigital.com.
