African Export-Import Bank (Afreximbank) has signed an MoU with Morocco to develop a $1 billion Morocco-Africa trade and investment promotion programme.
The programme aims to facilitate and guide future cooperation in areas of common interest between Afreximbank, the Ministry of Economy and Finance of Morocco, other government departments, and Moroccan economic operators.
Under the programme, 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.
Nadia Fettah, Morocco’s Minister of Economy and Finance said the agreement marks an important step towards consolidating the relationship between the kingdom and Afreximbank. She said the MoU also affirms the continued commitment of the government to increasing trade promotion and cooperation and the development of Africa.
Furthermore, the MoU provides for the Ministry of Economy and Finance to facilitate access to information on the potential pipeline of investment projects in Morocco, or from Moroccan entities to African countries, which would be suitable for financing from Afreximbank.
Afreximbank will cooperate with relevant Moroccan entities and economic operators to develop and deploy appropriate project structuring and financing solutions.
“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,” said Professor Benedict Oramah, President and Chairman of Afreximbank,
The programme is set to be implemented using loans and guarantee facilities as well as investment banking and advisory services. It is anchored on Morocco’s firm engagement to play a key role in promoting intra-African cooperation and on the efforts of the Ministry of Economy to establish mutually beneficial partnerships with regional financial institutions.
