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.



Riyadh, Damascus Build Economic Bridge with Private Sector Boost 

Syrian President Ahmed al-Sharaa meets with a visiting Saudi business delegation. (Asharq Al-Awsat) 
Syrian President Ahmed al-Sharaa meets with a visiting Saudi business delegation. (Asharq Al-Awsat) 
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Riyadh, Damascus Build Economic Bridge with Private Sector Boost 

Syrian President Ahmed al-Sharaa meets with a visiting Saudi business delegation. (Asharq Al-Awsat) 
Syrian President Ahmed al-Sharaa meets with a visiting Saudi business delegation. (Asharq Al-Awsat) 

Saudi Arabia has begun issuing fast‑track travel permits for Saudi and Syrian businesspeople, a move officials say is designed to jump‑start private‑sector investment and help rebuild Syria’s war‑scarred economy.

The Saudi embassy in Damascus said on Tuesday that an online portal is now live for entrepreneurs and investors from both countries to obtain entry licenses, enabling reciprocal visits and on‑the‑ground due diligence.

The step follows months of high‑level Saudi diplomacy that culminated in US president Donald Trump announcing the lifting of US sanctions on Syria during a visit to Riyadh earlier this year.

According to Saudi officials, Prince Mohammed bin Salman, Saudi Crown Prince and Prime Minister, pressed the case for easing restrictions.

“Riyadh’s practical measures to support Syria are speeding up,” Fadl al‑Buainain, a member of Saudi Arabia’s Shura Council, told Asharq al‑Awsat.

“Opening the door for business travel lets investors scout opportunities, restore long‑severed ties and push economic activity on solid, development‑focused foundations backed by the state.”

Al‑Buainain said Damascus’ pledge to pursue free‑market reforms, including privatizing state firms, would create openings for Saudi companies, particularly in energy, water, tourism and airport projects.

Economist Ahmed al‑Jubeir said the permits “signal Saudi facilitation for investors eager to enter the Syrian market” and could boost bilateral trade and deliver “new, high‑quality projects.”

Saudi officials frame the initiative as part of a broader strategy that weds political outreach to economic leverage. A Saudi foreign‑minister‑led delegation visited Damascus earlier this year, followed by a private mission of Saudi financiers.

“Economic recovery is the launch‑pad for comprehensive development,” al‑Buainain said, arguing that growth would shore up national unity and regional security. He urged Damascus to keep overhauling investment rules to give the private sector “legal safety and clarity”.

The embassy announcement comes days after Syrian President Ahmed al‑Sharaa received a Saudi business delegation led by Mohammed Abunayyan and Sulaiman al‑Muhaidib at the presidential palace in Damascus, where the two sides explored joint ventures across multiple sectors.

Analysts say Riyadh views economic engagement as a key plank of its Vision 2030 agenda to stabilize the Middle East through development.

With Gulf interest in Syria rising, al‑Jubeir said opening travel channels was “not just procedural— it’s an economic pivot that underlines how Vision 2030 links regional stability to inclusive, sustainable growth.”