African Export-Import Bank invests in Morocco
Morocco and the African Import and Export Bank have signed a memorandum of understanding in Marrakech worth $1 billion with the aim of strengthening and developing the partnership between the two parties.
The agreement was signed by Morocco's Minister of Economy and Finance, Nadia Fattah, and the President of the African Export-Import Bank, Benedict Oramah, during a meeting on the sidelines of the annual meetings of the World Bank and the International Monetary Fund held last week in Marrakech.
The memorandum of understanding will identify priority areas of cooperation between the African Bank and its Moroccan partners, especially in the areas of trade financing and promotion within and outside Africa, project financing and technical assistance.
The Moroccan minister welcomed the signing of this memorandum, affirming that it "represents an important step towards strengthening cooperation relations between Morocco and the African Bank", according to Rue20. According to Fattah, this agreement "confirms the Kingdom's continued commitment to the development of Africa, in line with the vision of His Majesty King Mohammed VI, may God protect him, aimed at strengthening cooperation with Africa".
At a press conference following the signing of the agreement, Fattah stressed the importance of this memorandum, as it will allow Morocco to develop its trade and investment with African countries. This represents a priority for Rabat in the framework of South-South cooperation and is in line with the guidelines laid down by King Mohammed VI, as well as the Kingdom's trade strategies, especially in the field of exports.
The Moroccan Minister of Economy also stressed that this memorandum, signed on the sidelines of the annual meetings of the World Bank and the International Monetary Fund in Marrakech, is highly symbolic, as these meetings have not been organised in Africa for fifty years.
For his part, the president of the African entity indicated that this agreement aims to accompany the Moroccan government in its efforts to boost the trade and investment sector, as well as to improve trade exchanges with the rest of African countries and the world.
Oramah also stressed that the signing of this memorandum paves the way for "distinctive cooperation", which they hope to develop rapidly. The African official also expressed his condolences to Morocco following the devastating earthquake of 8 September. In this respect, Oramah praised the Kingdom's steadfastness despite the repercussions of this catastrophe.
The African Export-Import Bank is an African financial institution established in 1993 in Abuja (Nigeria) whose main objective is to facilitate, improve and develop trade within and outside the African continent through a set of financing mechanisms.