Morocco and Afreximbank unite in a $1 billion Trade and Investment Promotion Programme, strengthening collaboration and consolidating their relationship.
In order to create a $1 billion Morocco-Africa Trade and Investment Promotion Programme, the Ministry of Economy and Finance of the Government of Morocco and African Export-Import Bank (Afreximbank) have signed a memorandum of understanding (MoU).
The plan will promote and direct future collaboration in areas of shared interest between Afreximbank, the Moroccan Ministry of Economy and Finance, other government agencies, and Moroccan economic operators, as per the terms of the Memorandum of Understanding.
Under the plan, collaboration will be facilitated in areas such as trade information and advisory services, risk bearing, credit implementation, and financing and promotion of trade inside and outside of Africa. Support for missions, engagements, information sharing, and capacity building will also be included.
At the signing of the Memorandum of Understanding, Morocco’s Minister of Economy and Finance, Nadia Fettah, spoke about the initiative and said, “This agreement marks an important step towards consolidating the relationship between the Kingdom of Morocco and Afreximbank.”
“It also confirms the government’s ongoing dedication to boosting trade promotion, collaboration, and Africa’s development.”
Furthermore, in terms of project funding, the MoU makes it easier to obtain data regarding prospective investment projects in Morocco or from Moroccan organisations to African nations that would qualify for Afreximbank financing.
In order to create and implement suitable project structuring and finance solutions, Afreximbank will collaborate with the Ministry as well as pertinent Moroccan entities and economic operators.
Increasing collaboration within Africa
During the occasion, Afreximbank’s president and board chairman, Benedict Oramah, spoke about the partnership as well. “This MOU establishes the foundation for strengthening the cooperation and relationship between Afreximbank and the Kingdom of Morocco,” he clarified.
“Today’s agreement is another crucial step in achieving our mandate to transform trade and support economies in Africa.”
As part of the initiative, Morocco’s economic operators would receive three years of support from Afreximbank. Investment banking, guarantee facilities, consulting services, and loans will all be used in the implementation of this.
The plan is built on Morocco’s strong commitment, which is essential in advancing intra-African collaboration. It also draws from the Ministry of Economy and Finance’s endeavours to form advantageous alliances with regional and African financial institutions in order to foster financial and economic collaboration between Moroccan businesspeople and their African counterparts.
