- Up to £4 billion available finance for overseas buyers of UK
goods and services will strengthen the trade relationship between
the UK and Morocco
- Announcement comes as export credit agency appoints new
International Export Finance Executive (IEFE) in Casablanca,
Morocco
- Boost for British exporters with a minimum 20% overall
contract value provided to UK suppliers with any overseas project
financed by UKEF
UK Export Finance (UKEF) has today announced up to £4bn is now
available for Moroccan buyers for projects in the region,
provided at least 20% of the content is sourced from UK
businesses.
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, provided that at least 20% of the overall
contract value is sourced from UK suppliers.
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 comes just weeks after UKEF announced that it had
deployed £2.3 billion in the continent in 2021, triple the
amount invested between 2018-19. The announcement follows 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.
Commenting on the new opportunities, UKEF’s interim Chief
Executive Officer, Samir Parkash said:
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.
The British Ambassador to Morocco, Simon Martin,
said:
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.
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.
UKEF in Africa
UK Export Finance (UKEF) has billions of pounds in capacity to
support projects in African markets sourcing from the UK and can
offer financing in up to 12 African currencies. It can help
foreign countries access finance, loans and insurance to make
their projects happen, if they commit to sourcing goods and
services from the UK.
