Reino Unido invertirá 4.830 millones de dólares en el comercio de Marruecos
Morocco is a major investment destination as well as having great appeal as a major gateway for investment in Africa and one of the major options for attracting capital to the North African country is the UK. The North African nation has great potential for sustainable investment, green energy generation and investment opportunities are readily available.
The public agency UK Export Finance, in the form of the British government's export credit institution, announced in a press release that it will allocate no less than 51.5 billion dirhams (MMDH), or $4.83 billion to promote trade between Morocco and the UK. The announcement comes as the export credit agency appoints a new International Export Finance Executive (IEFE) in Casablanca, providing a boost for British exporters with a minimum total contract value of 20% provided to UK suppliers with any overseas projects funded by UK Export Finance (UKEF).
To facilitate trade between the UK and Morocco, UKEF has appointed this Casablanca-based IEFE to help create new opportunities for UK companies to export to the region. The funding will boost investment between the two countries by helping Moroccan buyers obtain support for the delivery of projects where at least 20% of the total contract value comes from UK suppliers.
UKEF's interim chief executive Samir Parkash said: "I am proud that UKEF is playing a leading role in strengthening the historic business relationship between the UK and Morocco, with a presence on the ground and support from our International Finance team. UK companies have the opportunity to do more business with Morocco, a country looking to deliver a more sustainable future, and we look forward to supporting projects in the region." Morocco offers a range of opportunities for UK companies, such as potential projects in energy transition, water desalination and infrastructure, including rail, roads, ports and airports to boost the national economy through new transport links. The announcement comes just weeks after UKEF announced it had deployed $2.8bn on the continent by 2021, triple the amount invested between 2018 and 2019. The announcement follows the celebration of the 300th anniversary of the first trade treaty between the two nations.
British ambassador to Morocco, Simon Martin, said: "It is great news that UKEF now has a dedicated resource here in Morocco. The challenge now lies with the buyers in Morocco to take their projects forward. With UKEF's support, we could see a new wave of investment in Moroccan infrastructure, renewables and other sectors. I am excited to see how this develops and look forward to seeing our partnership with Morocco continue to grow."
The appointment of IEFE in Casablanca is UKEF's latest achievement in expanding its global network and generating new business for UKEF and UK companies. It currently has 18 managers in the Americas, South Asia, Asia Pacific and Africa, with plans to increase that number to around 30 next year. Working closely with overseas buyers, financial lenders, UK trade commissioners and UK ambassadors, IEFE engages foreign governments and international companies looking to buy from the UK, creating significant commercial opportunities for UK companies.
It also recalled that Morocco offered UK companies several opportunities, such as potential projects in energy transition, desalination and infrastructure such as railways, roads, ports and airports, to boost the economic growth of the country's economy through new transport links. The agency noted that the announcement came after the two countries commemorated the 300th anniversary of the signing of the first trade agreement between the two countries.
UK Export Finance (UKEF) has a multi-billion pound capacity to support projects in African markets sourcing from the UK and can provide finance in up to 12 African currencies. It can help foreign countries access finance, loans and insurance to make their projects a reality, if they commit to sourcing goods and services from the UK.