UK Export Finance (UKEF) announced on Wednesday 24 November 2022 that up to £4bn is now available to Moroccan companies for projects in the region, provided at least 20% of the content comes from British companies.

To promote trade between the UK and Morocco, UKEF has appointed a new International Export Finance Officer (IEFE), based in Casablanca, to help stimulate new export opportunities for UK companies in the region. The financing will encourage investment between the two Kingdoms by helping Moroccan companies access support to carry out projects, provided that at least 20% of the total value of the contract comes from British suppliers.

Morocco offers a variety of opportunities for British 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 weeks after UKEF said 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 signing of the first commercial treaty between the two Kingdoms.

“I am proud that UKEF is playing a leading role in strengthening the storied trading relationship between the UK and Morocco, with a presence on the ground and the support of our international finance team. British 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,” UKEF acting chief executive Samir Parkash said.

For his part, the British Ambassador to Morocco, Simon Martin, stressed: “It is great news that UKEF now has a dedicated resource here in Morocco. The challenge now is for Moroccan companies to carry out their projects. With the support of UKEF, we could see a new wave of investment in Moroccan infrastructure, renewable energy and other sectors.” And to add: “I can’t wait to see how this will play out and I am delighted to see our partnership with Morocco continue to develop.”

Please note that the appointment of an IEFE in Casablanca is the latest development in UKEF’s desire 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, and there are plans to increase that number to around 30 over the next year. IEFEs work closely with foreign companies, financial lenders, Her Majesty’s Trade Commissioners and UK Ambassadors to engage with foreign governments and multinationals looking to buy in the UK, creating vital business opportunities for UK companies.