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Join on Telegram Rabat – The Department for International Trade (DIT) launched the “UK Export Finance” program in Morocco on November 23 at the British Embassy in Rabat. UK Export Finance (UKEF) will commit up to £4 billion (MAD 52 billion) to Moroccan buyers for projects in the region if at least “20% of the content is sourced from UK businesses.”
UKEF is willing to support projects in the African markets by sourcing from the UK. The project can help African companies obtain financing, loans, and insurance to realize their projects.
UKEF was launched as the export credit agency appointed a new International Export Finance Executive (IEFE) in Casablanca. The launch was hosted by British Ambassador to Morocco Simon Martin and attended by senior officials including member of the executive committee of UKEF and head of the business group Tim Reid, and DIT country Director and Consul General in Morocco Tom Hill.
In an interview with Morocco World News, Tim Reid explained how the program can benefit Morocco saying, “We have £4 billion of capacity available to support projects here in Morocco to enable buyers to build projects with UK content, supporting the UK export economy but also having a significant impact here in Morocco.”
Reid also highlighted that the program is broad in scope and supports both government-sponsored and private-sector projects in Morocco.
Tim Reid member of the executive committee of UKEF and head of the business group
British Ambassador Simon Martin spoke with MWN describing the UKEF as a “facilitator for developing the economic relationships between the UK and Morocco.”
The UKEF also serves as a means of bringing Moroccan and British businesses together to work on important projects in the market involving energy, education, renewable energy, and manufacturing.
Developing Morocco’s renewable energy
Morocco aims to produce the majority of its energy in order to reduce its reliance on oil-rich countries. On November 22, King Mohammed VI directed the government to accelerate the development of renewable energies, particularly solar and wind energy.
Referring to the Moroccan monarch’s speech the British ambassador said, “We see great potential in renewable energy projects, where Morocco has high ambitions to expand its renewable energy infrastructure, especially in lean water technologies, which are in line with His Majesty the King’s recent speech.”
Agriculture, the creative industries, and technology, as well as green hydrogen and green desalination are areas of interest for both British and Moroccan businesses, the ambassador said, adding that with UKEF’s assistance, these industries will develop.
Martin emphasized that existing technologies can be used to make agriculture smarter and that wastewater can be better utilized through collaboration.
The ambassador said, “Mining is an area where Morocco has very exciting resources that are very important not only for the Moroccan economy but also for new industries such as electric vehicles.”
He continued, explaining that mining is important in Africa, “where Morocco is a leader in assisting African agriculture adaptation.”
Read Also: Green Energy in Morocco: ‘Strategic Objective’ or National Priority?
According to UKEF’s press release, Morocco offers a range of opportunities for UK businesses, such as potential projects in energy transition, water desalination, and infrastructure, and railroads, ports, and airports to boost the domestic economy.
Attendees at UKEF launch
UK Export Finance is the UK’s export credit agency and a government department working alongside the Department for International Trade as an integral part of its strategy and operations.
Established in 1919, the company maintains that no viable UK export should fail for a lack of finance from the private market. It provides finance and insurance to help exporters win, fulfill, and get paid for export contracts.
