2023-10-11 20:52:50
Morocco signed, Wednesday in Marrakech, a memorandum of understanding with the International Islamic Trade Finance Corporation (ISFC) and the Islamic Corporation for the Development of the Private Sector (SID), affiliated with the Islamic Development Bank Group, aimed at establishing a general framework to improve interoperability and strengthen the potential for economic and social development.
This agreement was signed by Nadia Fettah, Minister of Economy and Finance, and Hani Salem Sonbol, CEO of ITFC and Acting CEO of SID, during a meeting held on the sidelines of the World Bank Annual Meetings and the International Monetary Fund.
The memorandum aims to strengthen cooperation between all parties in several areas, emphasizing the importance of the energy sector as a driver of the Kingdom’s economic and social development.
The two Islamic financial institutions intend to support the energy sector through the financing of public and private companies, as well as strengthening the financing of small and medium-sized enterprises and the transfer of agricultural expertise from the Kingdom to the countries of the Organization of Islamic Cooperation.
Under the terms of the agreement, the two institutions focus on supporting public-private partnership projects in Morocco, in addition to providing financing to various sectors, such as manufacturing, services, mining and infrastructure.
This meeting was marked by the launch of the “Country Action Plan” of the International Islamic Trade Finance Corporation and the Islamic Corporation for Private Sector Development for the period 2024-2026.
As part of this program, the ITFC plans to approve new financing of up to US$100 million to support imports of strategic goods and strengthen the efforts of Moroccan companies involved in the export sector.
This program also aims to strengthen cooperation with the Kingdom’s strategic partners, and to encourage Moroccan institutions to participate in ITFC projects aimed at promoting national exports in key sectors, such as energy, agriculture and ‘equipment.
As for the SID “Country Action Plan”, it provides for the approval of new financing and investments worth 100 million US dollars for the benefit of Moroccan companies in order to implement local and cross-border projects.
The SID also seeks to strengthen financial inclusion, financing of small and medium-sized businesses and crowdfunding in Morocco.
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