United Kingdom: UKEF allocates more than 51 billion dirhams to boost trade with Morocco

UK Export Finance (UKEF), the British government’s export credit agency, announced on Wednesday that it will allocate more than 51 billion dirhams (£4 billion) to boost trade between Morocco and the kingdom. with the current situation, UKEF also announced the appointment of a new International Export Finance Executive (IEFE), based in Casablanca, to help stimulate new export opportunities for UK companies in the region.

The British agency explains that “the financing will boost investment between the two countries by helping Moroccan buyers obtain support for the delivery of projects, provided that at least 20% of the total contract value comes from British suppliers.” The statement added that Morocco offers a range of opportunities for UK companies, such as potential projects in the field of energy conversion, water desalination and infrastructure, including railways, roads, ports and airports, to boost the national economy through new transport links.

The announcement comes just weeks after UKEF announced it will deploy £2.3 billion on the continent in 2021, three times the amount invested between 2018 and 2019. The announcement coincides with the UK and Morocco celebrating three centuries of shared prosperity in 2021, which It marks the 300th anniversary of the first trade treaty between the two countries.

“I am proud that UKEF is playing a leading role in strengthening the historic trading relationship between the UK and Morocco, both with a presence on the ground and with the support of our team. British companies have the opportunity to do more business with Morocco – A country looking to achieve a more sustainable future – and we look forward to supporting projects in the region.”

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“The challenge now falls on buyers in Morocco to drive their projects forward. With the support of UKEF, we can see a new wave of investment in Moroccan infrastructure, renewable energy and other sectors. I am delighted to see how this develops,” said Simon Martin, UK Ambassador to Morocco. I look forward to seeing our partnership with Morocco continue to grow.”

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