Afreximbank and Morocco sign MoU on ambitious $1b trade and investment programme
At the ongoing World Bank, IMF Annual Meetings in Marrakech, the African Export-Import Bank (Afreximbank) and the Morocco government have signed a Memorandum of Understanding (MoU), to develop a bold $1 billion trade and investment programme.
According to a press release from Afreximbank copied to Ghana Business News, the Morocco-Africa Trade and Investment Promotion programme shall aim 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.
“Areas of collaboration under the programme 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 release said.
The release indicated that in addition, under project finance, the MoU 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. While 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.
“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,” says Prof. Benedict Oramah, the President and Chairman of the board of Afreximbank.
Minister of Economy and Finance of Morocco, Nadia Fettah 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.”
By Emmanuel K Dogbevi