Morocco and Saudi Arabia are establishing a joint fund to aid small and medium-sized businesses in export and investment, in an effort to boost bilateral trade.
The joint investment and trade fund aims to strengthen the economic ties between Morocco and Saudi Arabia, according to the media outlet Atalayar.
The fund will make finance and logistics procedures for supporting corporate orientation toward export and investment between the two nations easier, according to the director of the Moroccan-Saudi corporate Council.
The collaboration will boost the economic flow between Morocco and Saudi Arabia, accelerate internal trade between the two nations, and stimulate economic growth in Morocco.
Since 2021, Morocco and Saudi Arabia have planned to cooperate economically and create a joint fund for exports and investments.
The Moroccan banks Attijariwafa Bank, Banque Populaire, Crédit Agricole du Maroc, and Bank of Africa are making contributions to the fund on behalf of Morocco, according to Khalid Benjelloun, the head of the Moroccan-Saudi Business Council.
Additionally, the Saudi Investment Bank and the Islamic Corporation for the Development of the Private Sector of the Islamic Development Bank Group, will represent Saudi Arabia’s contribution to the establishment of the fund.
Trade exchanges between the two nations were over 17.2 billion MAD in 2021, of which 10 billion MAD was used to import oil and its byproducts from Saudi Arabia, according to the Ministry of Trade and Industry.
Morocco is Saudi Arabia’s top Arab trading partner and ranks 54th among nations that export to the Saudi nation. Its exports to Saudi Arabia include inorganic chemicals, autos, spare parts, fruit, and apparel.
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