IN a significant stride toward enhancing trade and investment ties, the African Export-Import Bank (Afreximbank) and the Moroccan Ministry of Economy and Finance, have entered into a memorandum of understanding (MoU) to develop a $1bn Morocco-Africa Trade and Investment Promotion programme.
The MoU outlines a commitment to facilitate and guide future cooperation in areas of common interest between Afreximbank, the ministry, various government departments, and Moroccan economic operators. The collaborative efforts will encompass a broad spectrum of activities, including financing and promoting intra- and extra-African trade through credit facilities, risk management, trade information, and advisory services. Moreover, the programme will offer support for engagement activities, missions, information exchange, and capacity building.
Commenting on the deal, Nadia Fettah, the Minister of Economy and
Finance, expressed her said, ‘This agreement marks an important step towards consolidating the relationship between the Kingdom of Morocco and Afreximbank. It also affirms the continued commitment of the Government to increasing trade promotion and cooperation, and
the development of Africa.’
Under the terms of the MoU, there are provisions for project finance cooperation. The ministry will assist in providing information on potential investment projects in Morocco or originating from Moroccan entities that are suitable for financing from Afreximbank. In return, Afreximbank will collaborate with the ministry and relevant Moroccan entities and economic operators to structure and finance these projects adequately.
Benedict Oramah, President and Chairman of the board of Afreximbank, expressed his enthusiasm, stating, ‘We are delighted to be signing this MoU as it sets the stage for deepening the collaboration and relationship between Afreximbank and the Kingdom of Morocco. Our mandate to transform trade and support economies in Africa is firm, and today’s agreement is another crucial step in achieving this objective.’
The three-year comprehensive programme is designed to provide substantial support to Morocco’s economic operators. Afreximbank will offer loans and guarantee facilities, along with investment banking and advisory services. The initiative aligns with Morocco’s strong commitment to promoting intra-African cooperation and the ministry’s efforts to establish mutually beneficial partnerships with African and regional financial institutions, promoting financial and economic cooperation between Moroccan economic operators and their African counterparts.
This MoU marks a significant milestone in strengthening trade and investment relations between Afreximbank and Morocco, with the potential to drive economic growth and prosperity on the African continent.
