Morocco and the African Export-Import Bank (Afreximbank) signed, on October 14 in Marrakech, a billion-dollar Memorandum of Understanding (MoU) to strengthen and promote cooperative relations between the two parties in several areas.
Signed by the Minister of Economy and Finance, Nadia Fettah, and Afreximbank President, Benedict Oramah, on the sidelines of the Annual Meetings of the World Bank Group and the International Monetary Fund (IMF), the memorandum lists the priority areas of cooperation between this institution and its Moroccan partners, notably in the areas of financing and promotion of intra- and extra-African trade, project financing, and technical assistance.
On this occasion, Minister Fettah praised the signing of this memorandum, which is a major step in the consolidation of cooperative relations between Morocco and Afreximbank and attests to the Kingdom’s ongoing commitment to Africa’s development, in line with His Majesty King Mohammed VI’s vision of promoting South-South cooperation.
In a statement to the press following the ceremony, the Moroccan minister also emphasized the importance of this agreement, which will enable Morocco to boost its trade and investment in Africa.
For his part, Oramah stated that this memorandum aims to support the Moroccan government in its efforts to promote trade and investment in Africa and worldwide, adding that this agreement is part of efforts to strengthen cooperation between the two parties to increase the institution’s support in the future.
Afreximbank’s President also expressed his sincere condolences to Morocco following the earthquake that struck several regions of the Kingdom, praising Morocco’s resilience in the face of this tragedy.
Founded in 1993 in Abuja, Nigeria, Afreximbank is an African financial institution that aims to facilitate, promote, and develop intra- and extra-African trade through a range of financing and guarantee products.