UK Export Finance (UKEF) announced that up to 4 billion pounds is now available for Moroccan purchasers for several energy projects in the region, and UK Export Finance added that 20 percent of the content provided is sourced from businesses in the UK.
To promote trade between the UK and Morocco, UKEF has appointed a new International Export Finance Executive (IEFE), to help galvanize the new opportunities for UK businesses to export to the region. The financing will also promote investment between the countries by helping Moroccan purchasers access support to deliver projects.
Morocco also offers a range of opportunities for UK businesses, such as potential projects in water desalination, energy transition, and infrastructure that includes roads, rails, ports, and airports to boost the economies of both nations through new transport links.
The announcement comes weeks after EKEF announced that it had deployed 2.3 billion pounds on the continent in 2021, which is triple the amount invested between 2018 and 2019. The announcement follows the two nations celebrating three centuries of shared prosperity in 2021 the 300th anniversary of the first trade treaty between the UK and Morocco.
Simon Martin, British Ambassador to Morocco, said that it is a great news that UKEF now has a dedicated resource in Morocco. The challenge is now on the buyers in Morocco to bring the projects forward, and with support from UKEF they could see a new wave of investment in renewables, infrastructure, and several other industries in Morocco.