Mohamed H’Midouche strongly recommends the creation of a financial institution particularly devoted to the financing of worldwide commerce in Morocco and in French-speaking Africa. The Moroccan Eximbank would full the panoply of current monetary instruments and meet the wants of exporters and importers.
The creation of a Morrocan export-import financial institution is abundantly justified following the institution of the African Continental Free Commerce Space (AfCFTA), which gives entry to a market of 1.3bn customers, and affords new enterprise alternatives. It might permit financial gamers to reap the benefits of new applied sciences and world-class technique of transport out there within the kingdom.
Undoubtedly, the brand new configuration of worldwide commerce and the pan-African and international political ambition of Morocco, as pushed by the imaginative and prescient of King Mohammed VI, requires us to undertake modern financing mechanisms that meet the expectations of exporters.
In distinction with some nations in Africa (Ghana, Nigeria, Egypt, Tanzania, South Africa) and elsewhere (United States, India, South Korea, Japan, and so forth.) no French talking African nation has a financial institution specialised within the promotion of overseas commerce
The creation of the Banque Marocaine d’Import-Export can be a robust sign of the modernisation of Morocco’s monetary system and would play an necessary position within the mobilisation of aggressive long-term traces of credit score.
For exporters and importers, a devoted financial institution would provide a variety of latest monetary services, together with ensures towards business and political dangers. The Financial institution ought to have an sufficient degree of capital with the intention to absolutely play its position and be instantly operational. Its entry to the worldwide capital market would permit it to satisfy the expectations of its clients.
Along with its mission as a monetary backer, the Morrocan Eximbank can be a privileged instrument for providing new companies (financing of market research, contacts and offers between merchants, organisation of seminars, info on enterprise alternatives, coaching, and so forth).
The creation of such a monetary establishment would require the involvement of all stakeholders, together with the Central Financial institution and the Ministry of Economic system and Finance. On this regard, the African Export-Import Financial institution (Afreximbank) may present the technical and monetary assist obligatory for its creation and progress.
In the present day, the worldwide financial context lends itself to this. It’s a query of seizing this chance and accelerating the tempo for the creation of this necessary strategic monetary establishment.
Mohamed H’Midouche is Vice-president of the Moroccan Affiliation of Exporters (Asmex), Former Director of Afreximbank, representing the African Improvement Financial institution and CEO of Inter Africa Capital Group
