The United States Department of Agriculture (USDA) has agreed to provide $50 million in credit for the sale of American agricultural products in Morocco. Exporters can submit applications for credit guarantees to export livestock, wheat or feed grains.
The new credit issuance falls under the USDA’s Commodity Credit Corporation (CCC) Intermediate Export Credit Guarantee Program. The CCC administers export credit guarantee programs for commercial financing of US agricultural exports.
The programs encourage exports to buyers in countries where credit is necessary to maintain or increase US sales, but where financing may not be available without CCC guarantees.The Intermediate Export Credit Guarantee Program (GSM-103) covers credit terms up to 10 years.
Agriculture plays a major role in the Moroccan economy accounting for up to 18 percent of the gross domestic product (GDP) and nearly 40 percent of employment. US exports to Morocco averaged $475 million annually over the past six years, with cereals as one of the lead sectors. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
