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The United States, which recognizes Morocco’s full sovereignty over its entire Saharan territory, is expected to release $5 billion funding for the development of the Moroccan Sahara, set to become a major regional economic hub, says Africa Intelligence news website.
After years of being frozen under Joe Biden’s Democratic administration, the Trump administration will release the funding and encourage US companies to invest in the Moroccan Sahara.
The U.S. National Security Agency (NSA) has authorized the U.S. Development Finance Corporation (DFC) to finance projects in the Moroccan Sahara. DFC has already conducted economic missions and meetings with Moroccan banks and companies to identify the most promising projects.
During Senate hearing, U.S. Ambassador designate Richard Duke Buchan, a diplomat and businessman, said Morocco is a model economic partner. The United States and Morocco have a robust trade relationship, characterized by a significant U.S. trade surplus.
“My career has been built on finding and pursuing opportunities. If confirmed, I will strive to increase opportunities for U.S. businesses throughout Morocco, where America can offer world-class technology to support Morocco’s ambitions to build its technology, transportation, agriculture, and energy sectors’’, Buchan said.
“Morocco is one of our oldest partners. Our Treaty of Peace and Friendship dates back to 1786. For almost two hundred and forty years, our bilateral relationship has made Americans and Moroccans safer, stronger, and more prosperous’’, underlined the diplomat.
Morocco is the only country on the African continent having a Free Trade Agreement (FTA) with the United States. The FTA supports Morocco’s goals to develop as a regional financial and trade hub, providing opportunities for the localization of services and the finishing and re-export of goods to markets in Africa, Europe, and the Middle East, says the report.
The U.S. and Moroccan governments work closely to increase trade and investment through high-level consultations, bilateral dialogue, and other forums to inform U.S. businesses of investment opportunities and strengthen business-to-business ties.
Morocco, located at the confluence of Europe, Sub-Saharan Africa, and the Middle East, seeks to transform itself into a regional business hub by leveraging its geographically strategic location, political stability, and world-class infrastructure to expand as a regional manufacturing and export base for international companies
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