Morocco-KSA on Verge of Setting up Joint Fund to Foster Investment, Exports

Morocco and Saudi Arabia are seeking to launch a joint fund to assist small and medium-sized enterprises (SMEs) operating in the sectors of exports and investment, said President of the Moroccan-Saudi Business Council Khalid Benjelloun.
Moroccan banks Attijariwafa Bank, Banque Populaire, Crédit Agricole du Maroc, and Bank of Africa, as well as the Saudi Investment Bank and the Islamic Development Bank are expected to participate in this future project, Benjelloun told “Iqtisad al Sharq” newspaper.
The fund will serve as a one-stop shop for facilitating financing and logistical operations to promote enterprises in both nations.
The goal is to diversify commerce and ease administrative procedures through the mutual recognition of certificates and streamlining exchange operations through the introduction of a direct sea route.
In 2021, trade between the two countries stood at 17.2 Bln MAD ($1.7 billion), of which 10 Bln MAD was destined for the import of Saudi oil and derivatives.
Textile, handicraft, car spare parts, and foodstuffs are all products that can boost Moroccan exports to Saudi Arabia.