Britain has made £4bn available in export finance to boost post-Brexit trade with Morocco.
The funding will be available for Moroccan buyers as long as 20 per cent of content is from UK firms, it has been announced.
This comes as the UK looks for trading opportunities around the world after leaving the European Union, pivoting towards the US, India, Mexico, China and numerous countries in Africa. This week, the President of South Africa visited the UK and held a trade meeting with minister Kemi Badenoch.
UK Export Finance (UKEF) also also announced a new International Export Finance Executive (IEFE) in Casablanca to promote bilateral trade, giving Moroccan buyers access to support and UK suppliers more business.
Areas of co-operation include in energy, water, infrastructure and transport links.
UKEF is Britain’s export credit agency and a department which works alongside the Department for International Trade. Executives across the world work with overseas buyers and lenders to engage with governments and companies looking to buy from the UK. This creates vital ties for UK businesses.
UKEF’s interim chief executive, Samir Parkash said it is helping “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.”
The British Ambassador to Morocco, Simon Martin, added the deal means “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.”
The appointment of an IEFE in Casablanca is in addition to 18 executives across the Americas, South Asia, Asia Pacific and Africa, with plans to increase this number to around 30 in the next year.