Afreximbank signs MoU for the $1billion Morocco-Africa Trade and Investment Promotion programme
African Export-Import Bank (Afreximbank) (www.Afreximbank.com) and the Government of Morocco, represented by the Ministry of Economy and Finance, have signed a memorandum of understanding (MoU) to construct a US$1 billion Morocco-Africa Trade and Investment Promotion initiative.
In accordance with the terms of the Memorandum of Understanding, the program’s objective is to enable and direct future collaboration between Afreximbank, the Moroccan Ministry of Economy and Finance, other governmental agencies, and businesspeople from Morocco in areas of shared interest. Financing and boosting intra- and extra-African trade through the implementation of credit, risk bearing, and trade information and advisory services would be areas of partnership under the initiative. Support for engagements, missions, information sharing, and capacity building will also be included.
The Honorable Minister of Economy and Finance Madame Nadia Fettah stated during the MOU signing event that “this agreement marks an essential step towards reinforcing the relationship between the Kingdom of Morocco and Afreximbank. Additionally, it confirms the government’s unwavering commitment to advancing African development and trade promotion.
The MoU further stipulates that the Ministry of Economy and Finance shall make information on potential investment projects in Morocco or from Moroccan firms to African nations that would be eligible for financing from Afreximbank more easily accessible to the public. To create and implement suitable project structuring and finance options, Afreximbank would collaborate with the Ministry and pertinent Moroccan entities and economic operators.
In a statement regarding the MOU, Prof. Benedict Oramah, President and Chairman of the Board of Afreximbank, said, “We are pleased to be signing this MOU as it sets the platform for extending the partnership and relationship between Afreximbank and the Kingdom of Morocco. The deal reached today is a vital step toward fulfilling our firm mandate to modernize trade and promote economies in Africa.
The initiative will be conducted utilizing loans and guarantee facilities, as well as investment banking and consultancy services, with the goal of supporting Morocco over a three-year period for the benefit of the nation’s economic operators. In accordance with the MoU, the program is based on Morocco’s unwavering commitment to play a significant role in fostering intra-African cooperation as well as the efforts of the Ministry of Economy and Finance to forge cooperative relationships with African/regional financial institutions in order to foster financial and economic cooperation between Moroccan economic operators and their African counterparts.
