United Kingdom Export Finance (UKEF) has announced that up to £4bn is now available for Moroccan buyers of UK goods and services as part of efforts to strengthen the trade relationship between the UK and Morocco.
According to the agreement, Moroccan business can will only benefit from the agreement provided that at least 20% of the overall contract value is sourced from UK suppliers.
To promote UK and Moroccan trade, UKEF has appointed a new International Export Finance Executive (IEFE), based in Casablanca, to help galvanize new opportunities for UK businesses to export to the region.
The financing will promote investment between the two nations by helping Moroccan buyers access support to deliver projects.
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.
The announcement on Wednesday, November 23, 2022 comes just weeks after UKEF announced that it had deployed £2.3 billion on the continent in 2021, triple the amount invested between 2018-19.
The announcement followed the UK and Morocco celebrating three centuries of shared prosperity in 2021, which marked the 300th anniversary of the first trade treaty between the two nations.
UKEF’s leading role in strengthening historic trade relationship
Commenting on the new opportunities, UKEF’s interim Chief Executive Officer, Samir Parkash, lauded the UKEF for its role in the trade ties between the UK and Morocco.
“I’m proud that UKEF is playing a leading role in strengthening the historic trade relationship between the UK and Morocco, with on-the-ground presence and support from our International Finance team. UK firms have an opportunity to do more business with Morocco – a country that is seeking to deliver a more sustainable future – and we look forward to supporting projects in the region.”
Samir Parkash
The British Ambassador to Morocco, Simon Martin, who was pleased with the announcement, urged Moroccan buyers to take advantage of the agreement.
“It’s great news that UKEF now have a dedicated resource here in Morocco. The challenge is now on buyers in Morocco to bring their projects forward. With the support of UKEF we could see a new wave of investment in Moroccan infrastructure, renewables and other sectors. I am excited to see how this develops and looking forward to seeing our partnership with Morocco continue to grow.”
Simon Martin
The appointment of an IEFE in Casablanca is the latest development in UKEF’s drive to expand its global network and generate new business for UKEF and UK businesses.
There are currently 18 executives in place across the Americas, South Asia, Asia Pacific and Africa, with plans to increase this number to around 30 in the next year.
IEFEs work closely with overseas buyers, financial lenders, His Majesty’s Trade Commissioners and British Ambassadors to engage with overseas governments and multinational companies looking to buy from the UK – creating vital trading opportunities for British businesses.
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