UK Export Finance commits up to £4bn to strengthen trade ties between the UK and Morocco

UK Export Finance (UKEF) today announced that up to £4bn is now available to Moroccan buyers for projects in the region, provided at least 20% of the content comes from UK companies.

To promote trade between the UK and Morocco, UKEF has appointed a new International Export Finance Executive (IEFE), based in Casablanca, to help create new opportunities for UK companies 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 total contract value comes from UK suppliers.

Morocco offers a variety of opportunities for UK companies, such as potential projects in energy transition, water desalination and infrastructure, including railways, roads, ports and airports to boost the national economy through new transport links.

The announcement comes just weeks after UKEF announced it had deployed £2.3bn to the continent in 2021, triple the amount invested between 2018 and 2019. 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, Samir Parkash, said: “I am proud that UKEF is playing a leading role in strengthening the historic UK-Morocco trading relationship, with a presence in the ground and support from our International Finance team UK companies have the opportunity to do more business with Morocco, a country that seeks to offer a more sustainable future, and we look forward to supporting projects in the region.”

British Ambassador to Morocco Simon Martin said: “It is great news that UKEF now has a dedicated resource here in Morocco. The challenge now lies with Moroccan buyers to carry out their projects. With UKEF’s support, we could see a new wave of investment in Moroccan infrastructure, renewable energy and other sectors. I am excited to see how this plays out and look 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 companies. There are currently 18 executives in the Americas, South Asia, Asia Pacific and Africa, with plans to increase this number to around 30 next year. IEFEs work closely with overseas buyers, financial lenders, Her Majesty’s Trade Commissioners and British Ambassadors to engage with foreign governments and multinational companies looking to buy in the UK, creating vital business opportunities for UK businesses.

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