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The African Export-Import Bank (Afreximbank) has signed a Memorandum of Understanding (MoU) with Morocco’s Government, represented by its Ministry of Economy and Finance. This MoU aims to establish a $1 billion Morocco-Africa Trade and Investment Promotion programme.
Per the MoU’s stipulations, the initiative will serve as a framework for future collaboration in mutually beneficial areas between Afreximbank, Morocco’s Ministry of Economy and Finance, other governmental bodies, and Moroccan businesses.
The programme will focus on funding and boosting both intra- and extra-African trade by offering credit, risk mitigation, and trade information and advisory services.
Additionally, the programme will support various engagements, missions, information exchanges, and capacity-building efforts.
During the MoU signing ceremony, the Honourable Minister of Economy and Finance, Madame Nadia Fettah, stated that “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.”
Furthermore, the MoU outlines provisions for project financing.
The Ministry of Economy and Finance will assist in providing information on a potential pipeline of investment projects in Morocco or projects from Moroccan entities in African countries that could be eligible for Afreximbank financing.
Afreximbank will collaborate with the Ministry and other relevant Moroccan organisations to create and implement suitable project structuring and financing solutions.
Prof. Benedict Oramah, President and Chairman of Afreximbank’s board, commented, “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 programme, which aims to support Morocco’s economic operators over a three-year period, will utilise loans, guarantee facilities, and investment banking and advisory services for its implementation.
The MoU emphasises Morocco’s strong commitment to fostering intra-African cooperation and the Ministry of Economy and Finance’s efforts to establish win-win partnerships with African and regional financial institutions to enhance financial and economic cooperation between Moroccan and African businesses.