UK launches £4bn finance support to boost trade with Morocco

Reuters

• To be eligible, at least 20% of project must be sourced from UK firms
• UKEF appoints new Casablanca-based official to support trade
• Investment in Moroccan infrastructure and renewables encouraged

Moroccan importers can access up to £4 billion ($4.85 billion) in trade finance to help buy goods and services from the United Kingdom, British officials announced this week. 

To be eligible for support from UK Export Finance (UKEF) at least 20 percent of the overall contract value for a project must be sourced from British businesses. 

UKEF has appointed a new international export finance executive, based in Casablanca, to support trade between Morocco and the UK.

In a statement, the institution highlighted various industries it says offer opportunities for British exporters such as renewable energy, water desalination and transport. 

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• UK drinks firms raise glass to Morocco and Tunisia trade deal

“With the support of UKEF we could see a new wave of investment in Moroccan infrastructure, renewables and other sectors,” Simon Martin, the UK’s ambassador to Morocco said. 

UK exports to Morocco including Western Sahara totalled £669 million ($809 million) in 2021, up from £512 million ($619 million) a year earlier, although down from a 2016 peak of £865 million ($1.04 billion), British government data shows. 

Of 2021 exports, around £200 million was refined oil and nearly £100 million were cars, with gas, power generators and metal ores completing the top five goods in value terms.

The UK is trying to boost trade worldwide following its departure from the European Union, its largest trading partner and the world’s biggest single market. British exports to the EU were 146 billion euros ($156.1 billion) in 2021, its lowest total since at least 2011, according to EU data.