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The African Export-Import Bank (Afreximbank) has signed a significant memorandum of understanding (MoU) with the Moroccan Government, represented by the Ministry of Economy and Finance, to establish a substantial $1 billion Morocco-Africa Trade and Investment Promotion program.
Under the terms of the MoU, this program aims to foster and steer future collaboration in areas of mutual interest among Afreximbank, the Ministry of Economy and Finance of Morocco, other government entities, and Moroccan economic actors. Key areas of partnership within the program include facilitating and promoting intra- and extra-African trade through the implementation of credit, risk management, trade information, and advisory services. The collaboration will also encompass support for missions, information exchange, and capacity building.
Madame Nadia Fettah, the Minister of Economy and Finance, expressed her views during the signing ceremony, stating that “this agreement marks an important step towards strengthening the relationship between the Kingdom of Morocco and Afreximbank. It also reaffirms the government’s unwavering commitment to enhancing trade promotion, cooperation, and the development of Africa.”
Moreover, the MoU outlines project finance provisions that allow the Ministry of Economy and Finance to facilitate access to information on potential investment projects in Morocco, either from Moroccan entities or within African countries, which could be suitable for financing by Afreximbank. Afreximbank, in turn, will collaborate with the Ministry and relevant Moroccan entities and economic actors to develop and implement suitable project structuring and financing solutions.
Prof. Benedict Oramah, President and Chairman of the Board of Afreximbank, expressed his delight regarding the MoU, highlighting its role in deepening the collaboration between Afreximbank and the Kingdom of Morocco. He emphasized Afreximbank’s commitment to transforming trade and supporting African economies, labeling this agreement as a crucial step toward that goal.
The program will span three years and will provide support to Morocco’s economic operators through loan and guarantee facilities, as well as investment banking and advisory services. According to the MoU, the program is anchored in Morocco’s resolute commitment to playing a pivotal role in advancing intra-African cooperation and the Ministry of Economy and Finance’s endeavors to establish mutually beneficial partnerships with African and regional financial institutions to promote financial and economic collaboration between Moroccan economic operators and their African counterparts.
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