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Doha – British export credit is making inroads across North Africa with an ambitious financing package, as Morocco accelerates preparations for major sporting events and a wider continental expansion.
From transformative rail projects and airport upgrades to new sports infrastructure, renewable energy, and green hydrogen initiatives, the country’s booming development pipeline is drawing heightened interest from global financiers.
Tim Reid, Chief Executive Officer of UK Export Finance (UKEF), recently conducted an official visit to Morocco in April. During his trip, the second to the country, Reid met with government officials and private sector leaders, seeking to identify new avenues for collaboration and investment.
Granting an exclusive interview to Morocco World News (MWN), Reid outlined the agency’s £5 billion commitment to Moroccan projects, positioning the kingdom as a strategic launching point for British commercial interests throughout Africa.
This substantial financial envelope was announced in late 2022. It provides support for both public and private sector initiatives across the country.
“Whether you are a government official considering a new infrastructure project or a private company with ambition in energy efficiency, we can help. In return we ask for a commitment to sourcing at least 20% of the contract value from the UK,” Reid stated.
The British export credit agency has pinpointed World Cup-related developments as a key focus area. This interest aligns with Morocco’s massive $23 billion investment program triggered by the upcoming global sporting events.
“Typically, the kind of things we help with concern infrastructure like rail and roads, or energy such as new renewable projects,” Reid conveyed.
“In Morocco, we are focusing on World Cup related projects as we are keen to be part of this exciting adventure,” he noted, referring to Morocco’s preparations to host the 2025 Africa Cup of Nations and the 2030 FIFA World Cup.
Continental ambitions accelerate through Moroccan partnership
Reid remarked that UKEF views Morocco not only as an important market in itself but also as a strategic entry point to broader African opportunities.
“Morocco is important to us for its own potential but also a gateway to Africa. Many Moroccan companies and banks have presence across the African continent which will allow UKEF to support further opportunities in African countries,” he explained.
The agency has established a robust presence across Africa with country heads based in six countries: Morocco, Egypt, Kenya, Ghana, Côte d’Ivoire, and South Africa. With over 100 years of experience, it operates as the world’s leading export credit agency.
According to Reid, UKEF currently maintains a total exposure of £10 billion in Africa, providing approximately £1 billion annually to support various projects across the continent.
François Pannetier, Regional Head for Africa, accompanied Reid during his Moroccan tour, indicating UKEF’s serious commitment to expanding its African portfolio. The visit follows a prior stop in Egypt.
“Africa represents 1/3 of UKEF’s global pipeline,” Reid disclosed, revealing the continent’s strategic importance to British export finance operations.
Reid acknowledged that while UKEF has not yet finalized any transactions with Moroccan companies, the agency remains engaged in “productive discussions with Moroccan companies regarding a diverse range of sectors in the country and beyond, especially in West Africa.”
Sustainable development at the center
As part of his visit, Reid met with various stakeholders, including the University Mohammed VI Polytechnic (UM6P) in Benguerir, where discussions centered on energy and sustainability projects.
He also held talks with Brahim Benmoussa, Secretary General of Morocco’s Ministry of Investment, Convergence, and Evaluation of Public Policies, exploring collaborative opportunities both within Morocco and across Africa.
UKEF’s approach remains “sector agnostic,” open to supporting projects in all sectors except fossil fuels, while maintaining flexibility regarding UK content requirements with the condition of utilizing the UK supply chain.
The agency is particularly interested in sectors including renewable energy, water infrastructure, transportation, and digital transformation—areas that match Morocco’s national development priorities.
The growing economic relationship follows the UK-Morocco Association Agreement that came into force three years ago, which has helped boost bilateral trade to its highest level of £3.8 billion (approximately 46 billion MAD).
Beyond the financial side, the Xlinks project represents another cornerstone of the Rabat-London partnership, aiming to deliver Moroccan solar and wind power to Britain through what would become the world’s longest undersea cable.
With a $29.9 billion total investment, it plans to establish 11.5 gigawatts of renewable energy capacity in Morocco’s Guelmim Oued Noun region, connected via a 4,000-kilometer undersea cable to southwest England.
On the ground, UKEF operations in Morocco are coordinated by Country Head Meriem Bennani, who focuses on identifying viable opportunities and building relationships with key stakeholders.
Reid stressed that potential partners don’t need to present perfect proposals, just viable projects and a willingness to discuss how British suppliers could provide support.
Read also: Morocco’s Southern Provinces: ‘A New Green Growth Corridor to the UK’
