Public UK trade agency EX Export Finance (UKEF) is allocating £4 billion (MAD 51.5 billion) to promoting trade with preferred partner Morocco.
In a press release shared on Wednesday, the export credit institution for the British government announced that the £4 billion budget “is now available for Moroccan buyers for projects in the region, provided at least 20% of the content is sourced from UK businesses.”
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, stated the release.
To promote UK and Moroccan trade, UKEF additionally announced the appointment of a new International Export Finance Executive (IEFE), based in Casablanca, “to help galvanize new opportunities for UK businesses to export to the region.”
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, specified the release.
The announcement comes just weeks after UKEF revealed that it had deployed £2.3 billion in Africa for 2021, triple the amount invested before the pandemic.
The UK and Morocco recently celebrated three centuries of shared prosperity in 2021, which marked the 300th anniversary of the first trade treaty between the two Kingdoms.
Morocco-UK trade has experienced a true revival following Brexit, which prompted both countries to seal bilateral agreements outside the European Union umbrella.
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