Afreximbank pledges $1 Bln for Morocco-Africa trade & investment program

African Export-Import Bank has pledged $1 billion in support for Morocco-Africa Trade & Investment program which finances and promotes intra- and extra-African trade.

An agreement was inked over the weekend on the sidelines of the 2023 Annual Meetings of the World Bank & the International Monetary Fund held in Marrakesh October 9 to 15.

Under the agreement, Afreximbank pledges to support Morocco’s economic operators over three years with loans & guarantee facilities as well as advisory services.

The funding will strengthen further Morocco’s firm engagement in promoting intra-African cooperation and help the country establish mutually beneficial partnerships with African/regional financial institutions to promote financial and economic cooperation between Moroccan economic operators and their African counterparts.

In the wake of the earthquake that struck central Morocco on September 8, Afreximbank had announced a $500,000 donation to provide immediate humanitarian relief to the hard-hit regions of Al Haouz, Chichaoua, Taroudant, Amizmiz and Marrakesh.

The donation is destined to assist the Government in its disaster recovery, relief, and reconstruction efforts. This support will enable the provision of basic needs of food, water, clothing, and shelter as well as restoring power and other essential services to impacted families, the bank said.

Afreximbank is a Pan-African multilateral financial institution which delivers financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa.
At the end of 2022, Afreximbank’s total assets and guarantees stood at over $31 billion. The Bank disbursed more than $86 billion between 2016 and 2022.