After years of talking about boosting trade with Morocco, the UK appears to be moving forward with a plan which specifically helps both British and Moroccan businesses.
UK Export Finance announced on November 24th that it had committed up to four billion pounds to boost the United Kingdom’s trade ties with Morocco.
According to reports from international news agencies, 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, a UKEF press release says.
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.
“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,” said UKEF’s interim Chief Executive Officer Samir Parkash.
“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.
The appointment of finance executives in Casablanca is the latest development in UKEF’s drive to expand its global network and generate new business for UKEF and UK businesses.