 Casablanca Finance City became Africa's leading financial center. Morocco has a long way to go in terms of growth and economic progress. According to the Global Financial Center's index, GFCI, Casablanca Finance City, CFC, has surpassed Johannesburg, South Africa as Africa's biggest financial hub, according to the ZN Group think tank, the CFC, which first appeared in the GFCI in September 2014, is now placed 33rd, up 11 spots from its prior position. Johannesburg dropped 18 places in the overall ranking due to the recent economic crisis and political turmoil in South Africa. Just us, and we'll show you why Morocco's financial metropolis is Africa's most important financial center. As we begin, please take a time to subscribe. When it was founded five years ago, there were doubts about its potential, but the CFC now appears to be on track to succeed, despite the fact that it will not be physically present until early 2022. CFC is the third most promising financial center after Singapore and Shanghai in the 19th GFCI ranking, which was announced on April 5th. Since its inception, the Moroccan financial sector has attracted over 100 major global corporations, including IG, Bank of China, BNP Paribas, Ford and Baker McKenzie, which have decided to operate in Africa for Morocco. The new rating, according to said Ibrahim, chief executive officer of the Casablanca Finance City Authority confirms the rightness of the established position. The fact that the GFCI considers both technical and professional feedback demonstrates that Morocco inspires confidence among professionals, Ibrahim remarked. This motivates us to continue to expand our offering in order to establish CFC as a globally known regional financial center. The Global Financial Centers Index, GFCI, assigns a competitiveness rating to financial centers. It incorporates 105 indexes from the World Bank, World Economic Forum, United Nations, and Organization for Economic Cooperation and Development. International professional financial institution evaluations are also taken into account. In March, Bank of China, the world's fourth largest bank by equity, opened an office in CFC, making Morocco a gateway for Chinese investments in Africa. The opening of our office in Casablanca provides a significant push for business development, as well as a gesture of friendship between China and Morocco, said Bank of China President Chen Siking. Due to its economic recession, China is spending extensively in Africa, though at a slower rate than previously. China will buy $10,000 billion worth of goods over the next five years, and 500 million Chinese will go abroad. Furthermore, China's direct foreign investments could exceed $500 billion, according to Sun Shajong, the Chinese ambassador to Morocco. The CFC will serve as the foundation for the African Development Bank's new $3 billion Africa 50 fund, which would finance infrastructure projects across the continent. Ford said it chose the CFC as the location for its African headquarters because of its strategic stance as a viable platform for investors looking to enter the African market. The CFC designation comes with a slew of financial and legal benefits, including cheaper income taxes, simplified paperwork for employee visas and work permits and other perks. CFC was granted the accolade for Best Investment Promoter in Greater Northwest Africa 2015, a global banking and finance review magazine in 2015 for its investment options and for encouraging business in the region. Casablanca is the Moroccan economy's nerve center, because to the establishment of significant domestic and foreign financial and industrial businesses, which benefit from a youthful and skilled workforce, the city boasts that it is a catalyst of projects on a continental scale. If you haven't already, please like, share and subscribe to our channel as well as turn on your notifications for new videos. Thank you for viewing and stay tuned for more videos in the near future.