UK earmarks over €4 Bln for boosting trade ties with Morocco
The UK government has dedicated £4 billion (€4.7 bn) for strengthening further trade exchanges and economic cooperation with Morocco, a longstanding friend and partner of the United Kingdom.
The announcement was made by UK Export Finance (UKEF), a government agency which appointed a new International Export Finance Executive (IEFE) in Casablanca.
Up to £4bn is now available for Moroccan buyers for projects in the region, provided at least 20% of the content is sourced from UK businesses, said the credit export agency in a press release.
To promote UK and Moroccan trade, UKEF has appointed a new IEFE, based in Casablanca, to help galvanize new opportunities for UK businesses to export to the region.
The financing will promote investment between the two nations by helping Moroccan buyers access support to deliver projects, provided that at least 20% of the overall contract value is sourced from UK suppliers.
Morocco offers a range of opportunities for UK businesses, such as potential projects in energy transition, water desalination, and infrastructure, including rail, roads, ports and airports to boost the domestic economy through new transport links.
The announcement comes just weeks after UKEF announced that it had deployed £2.3 billion in the continent in 2021, triple the amount invested between 2018-19. The announcement follows the UK and Morocco celebrating three centuries of shared prosperity in 2021, which marked the 300th anniversary of the first trade treaty between the two nations.
Commenting the new opportunities, UKEF’s interim Chief Executive Officer, Samir Parkash said: “I’m proud that UKEF is playing a leading role in strengthening the historic trade relationship between the UK and Morocco, with on-the-ground presence and support from our International Finance team”.
“UK firms have an opportunity to do more business with Morocco – a country that is seeking to deliver a more sustainable future – and we look forward to supporting projects in the region”, he added.
British Ambassador to Morocco, Simon Martin, said: “It’s great news that UKEF now have a dedicated resource here in Morocco. The challenge is now on buyers in Morocco to bring their projects forward. With the support of UKEF we could see a new wave of investment in Moroccan infrastructure, renewables and other sectors. I am excited to see how this develops and looking forward to seeing our partnership with Morocco continue to grow”.