Morocco Signs $1 Bln MoU with Afreximbank

Moroccan Minister of Economy and Finance Nadia Fettah and Afreximbank President Benedict Oramah in Marrakech. (Afreximbank website)
Moroccan Minister of Economy and Finance Nadia Fettah and Afreximbank President Benedict Oramah in Marrakech. (Afreximbank website)
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Morocco Signs $1 Bln MoU with Afreximbank

Moroccan Minister of Economy and Finance Nadia Fettah and Afreximbank President Benedict Oramah in Marrakech. (Afreximbank website)
Moroccan Minister of Economy and Finance Nadia Fettah and Afreximbank President Benedict Oramah in Marrakech. (Afreximbank website)

Morocco and the African Export-Import Bank (Afreximbank) signed Saturday in Marrakech a billion-dollar Memorandum of Understanding to consolidate and promote cooperation relations between the two parties in various fields.

The MoU was signed by the Minister of Economy and Finance, Nadia Fettah, and Afreximbank President, Benedict Oramah, on the sidelines of the 2023 Annual Meetings of the World Bank Group and the International Monetary Fund.

The memorandum outlines the priority areas of cooperation between the institution and its Moroccan partners, focusing on financing and promoting intra- and extra-African trade, project financing, and technical assistance.

Fettah welcomed the signing of this MoU, marking a significant step in consolidating cooperation relations between Morocco and Afreximbank. It reaffirms the Kingdom's commitment to Africa's development in line with King Mohammed VI's vision of promoting cooperation.

For his part, Oramah noted that the MoU aims to support the Moroccan government in its efforts to promote trade and investment in Africa and worldwide.

This agreement is part of the ongoing efforts to strengthen cooperation between the two parties to increase the institution's support in the future.

The organization of the Annual Meetings of the WB and the IMF is allowing Morocco to have an even more prominent role on the international arena, according to Antoine Sallé de Chou, Director of the European Bank for Reconstruction and Development (EBRD) for Morocco.

After praising this "excellent initiative, which marks the return of the Annual Meetings to the African continent after 50 years," the EBRD official emphasized that this economic and financial gathering is an opportunity for the Kingdom to "demonstrate its ability to organize events of international stature."

Furthermore, Executive Vice President of the African Center for Economic Transformation Mavis Owusu-Gyamfi said on Saturday in Marrakech that the global economy is hinged on putting the African continent on track.



Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose for a second straight session on Tuesday, but traded below the recent all-time highs, as uncertainty around US President Donald Trump's tariff plans continued to fuel economic growth concerns and safe haven flows into bullion.

Spot gold gained 0.6% at $2,913.79 an ounce as of 0714 GMT. It hit a record high of $2,942.70 last week.

US gold futures added 0.9% to $2,925.50.

"Trump's disruptive modus operandi, aggressive rhetoric and tariffs - whether actual or threatened - could unravel global trade and intricate supply chains," said Nikos Tzabouras, senior financial writer at trading platform Tradu, Reuters reported.

"With uncertainty surrounding the global economy and the broader geopolitical landscape in the Trump 2.0 era, gold is set to remain a natural beneficiary of risk-off flows and central bank buying."

Since taking office last month, Trump has swiftly redrawn the global trade battlefield with a series of tariffs, while plans are already in motion for sweeping reciprocal tariffs, aimed squarely at any nation that taxes US products.

"Gold continues to benefit from the uncertainty surrounding the US. government's tariff policy. Central bank buying should also continue to provide support, even if there is no new data on this," Commerzbank analysts said in a note.

The market's focus has now shifted to the US Federal Reserve's January meeting minutes due on Wednesday for clues into the central bank's interest rate trajectory.

"Price gains are also supported by growing expectations that the Fed will cut rates in 2025 - a sentiment that gained further traction among traders after last week's disappointing US retail sales figures," Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said.

Bullion benefits from geopolitical and economic uncertainties, as well as rising price pressures, but higher interest rates diminish the asset's allure.

Spot silver fell 0.9% to $32.50 an ounce. Platinum jumped 0.9% to $985.20 and palladium climbed 1.6% to $978.00.