African Export-Import Bank (Afreximbank) has signed a memorandum of understanding (MoU) with the Government of Morocco to develop a US$1bn Morocco-Africa Trade and Investment Promotion programme
The programme is aimed at facilitating and guiding future cooperation in areas of common interest between Afreximbank, the Ministry of Economy and Finance of Morocco, other government departments, and Moroccan economic operators.
Areas of collaboration will include financing and promoting intra- and extra-African trade through the implementation of credit, risk bearing and trade information and advisory services. It will also include support for engagements, missions, exchange of information and capacity building.
The MoU also provides for the Ministry of Economy and Finance to facilitate access to information on potential pipeline of investment projects in Morocco, or from Moroccan entities to African countries, which would be suitable for financing from Afreximbank. Afreximbank, on its part, would cooperate with the Ministry and relevant Moroccan entities and economic operators to develop and deploy appropriate project structuring and financing solutions.
Moroccan minister of economy and finance, Nadia Fettah, remarked, “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.”
President and chairman of the board of Afreximbank, Benedict Oramah, added, “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.”