US DFC to Open Africa-Oriented Branch in Dakhla, Southern Morocco

The DFC is the main US finance institution focusing on investments in developing countries.

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Moroccan Minister of Foreign Affairs Nasser Bourita has announced that the US International Development Finance Corporation (DFC) is set to open a branch in Dakhla, southern Morocco.

The office will serve as a starting point for DFC’s operations in the entire African continent, Bourita declared on Sunday, January 10.

The DFC is the main US development finance institution focusing on investments in developing countries. It provides assistance to countries through loans, loan guarantees, and project insurance.

The financial institution’s decision to open its Africa-oriented branch in Dakhla confirms the city’s role as a link between North Africa and Sub-Saharan Africa and as a major economic hub, Bourita said.

The decision confirms the American support for Morocco’s territorial integrity, which US President Donald Trump declared in a presidential proclamation on December 10, 2020.

Read also: Trump Recognizes Morocco’s Sovereignty Over Western Sahara

Bourita announced the future opening of a DFC office during the visit of a senior official US delegation to Morocco’s southern provinces.

The delegation — the first to visit Morocco’s southern provinces — was led by David Schenker, the assistant secretary of state for Near Eastern affairs, and David Fischer, the US ambassador to Morocco.

The future branch in Dakhla is the second major office that the DFC intends to open in Morocco. On December 22, the US institution selected Morocco as the host country for its North African “Prosper Africa” office.

Prosper Africa is an initiative that seeks to support and promote trade between African states and the US.

The future openings would strengthen Morocco’s position as a gateway to African markets and as a link between Africa and the US.

Read also: US Investments in Morocco to Exceed $3 Billion Over Next 4 Years