Morocco’s BMCE Bank plans to use the $300 million raised from its international bond issue to rapidly expand its African operations, according to the bank’s MD, Brahim Benjelloun-Touimi.

Owing to a small sized domestic market and lack of liquidity, the bank revealed last June that it was issuing an international short term bond in a bid to raise its liquidity level, Reuters reported.

It has successfully launched a 5-year issue at 6.5 percent, raking in $300 million and becoming the first private financial institution from North Africa to issue bonds in the international capital markets.

“We already have a presence in the Africa’s French-speaking countries. Now we are targeting the Anglo-phone countries, where there is promising economic growth,” Benjelloun-Touimi told Reuters.

“We will announce our next step when we take a decision.”

The Moroccan bank which posted a H1 net profit of $70 million and operates over 500 branches in the country has been grappling with financing bad loans in its domestic market, where it makes majority of its income.

It operates subsidiaries in 17 sub-Saharan countries, which contributes 30 percent of its total earnings, and is keen on expanding its business in this region to counter shrinking profits on the home front.