Morocco Signs $1 Bln MoU with Afreximbank

Morocco and the African Export-Import Bank (Afreximbank) signed Saturday in Marrakech a billion-dollar Memorandum of Understanding to consolidate and promote cooperation relations between the two parties in various fields.

The MoU was signed by the Minister of Economy and Finance, Nadia Fettah, and Afreximbank President, Benedict Oramah, on the sidelines of the 2023 Annual Meetings of the World Bank Group and the International Monetary Fund.

The memorandum outlines the priority areas of cooperation between the institution and its Moroccan partners, focusing on financing and promoting intra- and extra-African trade, project financing, and technical assistance.

Fettah welcomed the signing of this MoU, marking a significant step in consolidating cooperation relations between Morocco and Afreximbank. It reaffirms the Kingdom’s commitment to Africa’s development in line with King Mohammed VI’s vision of promoting cooperation.

For his part, Oramah noted that the MoU aims to support the Moroccan government in its efforts to promote trade and investment in Africa and worldwide.

This agreement is part of the ongoing efforts to strengthen cooperation between the two parties to increase the institution’s support in the future.

The organization of the Annual Meetings of the WB and the IMF is allowing Morocco to have an even more prominent role on the international arena, according to Antoine Sallé de Chou, Director of the European Bank for Reconstruction and Development (EBRD) for Morocco.

After praising this “excellent initiative, which marks the return of the Annual Meetings to the African continent after 50 years,” the EBRD official emphasized that this economic and financial gathering is an opportunity for the Kingdom to “demonstrate its ability to organize events of international stature.”

Furthermore, Executive Vice President of the African Center for Economic Transformation Mavis Owusu-Gyamfi said on Saturday in Marrakech that the global economy is hinged on putting the African continent on track.

Source: Asharq Al Awsat