International trade: for a Moroccan Eximbank
Mohamed H’Midouche strongly recommends the creation of a bank specifically dedicated to the financing of international trade in Morocco and in French-speaking Africa. The Moroccan Eximbank would complete the panoply of existing financial tools and meet the needs of exporters and importers.
The creation of a Morrocan export-import bank is amply justified following the establishment of the African Continental Free Trade Area (AfCFTA), which provides access to a market of 1.3bn consumers, and offers new business opportunities. It would allow economic players to take advantage of new technologies and world-class means of transport available in the kingdom.
Undoubtedly, the new configuration of international trade and the pan-African and global political ambition of Morocco, as driven by the vision of King Mohammed VI, requires us to adopt innovative financing mechanisms that meet the expectations of exporters.
In contrast with some countries in Africa (Ghana, Nigeria, Egypt, Tanzania, South Africa) and elsewhere (United States, India, South Korea, Japan, etc.) no French speaking African country has a bank specialised in the promotion of foreign trade
The creation of the Banque Marocaine d’Import-Export would be a strong signal of the modernisation of Morocco’s financial system and would play an important role in the mobilisation of competitive long-term lines of credit.
For exporters and importers, a dedicated bank would offer a wide range of new financial products and services, including guarantees against commercial and political risks. The Bank should have an adequate level of capital in order to fully play its role and be immediately operational. Its access to the international capital market would allow it to meet the expectations of its customers.
In addition to its mission as a financial backer, the Morrocan Eximbank would be a privileged tool for offering new services (financing of market studies, contacts and deals between traders, organisation of seminars, information on business opportunities, training, etc).
The creation of such a financial institution would require the involvement of all stakeholders, including the Central Bank and the Ministry of Economy and Finance. In this regard, the African Export-Import Bank (Afreximbank) could provide the technical and financial support necessary for its creation and growth.
Today, the international economic context lends itself to this. It is a question of seizing this opportunity and accelerating the pace for the creation of this important strategic financial institution.
Mohamed H’Midouche is Vice-president of the Moroccan Association of Exporters (Asmex), Former Director of Afreximbank, representing the African Development Bank and CEO of Inter Africa Capital Group
