Latest news with #UKExportFinance
IOL News
4 hours ago
- Business
- IOL News
UK backs Morocco's autonomy plan for Western Sahara in strategic shift
The United Kingdom has formally endorsed Morocco's 2007 autonomy plan for Western Sahara as the most credible path towards resolving the long-standing territorial dispute, marking a significant diplomatic development during the 5th session of the Morocco-UK Strategic Dialogue held in Rabat. In a statement delivered on Saturday, UK Secretary of State for Foreign Affairs, David Lammy, declared that London views the Moroccan autonomy initiative as 'the most credible, viable, and pragmatic basis for a lasting settlement' to the Sahara conflict. The announcement, made alongside Morocco's Minister of Foreign Affairs, Nasser Bourita, was enshrined in a joint communiqué signed by both ministers. This endorsement signals a deepening of UK-Moroccan ties and aligns Britain more closely with a growing international consensus that sees Morocco's plan as a realistic path forward. The plan, first proposed by Morocco in 2007, offers the disputed territory of Western Sahara a form of self-governance under Moroccan sovereignty, while stopping short of full independence — a key sticking point with the Polisario Front, which seeks an independence referendum. The communiqué praised the 'positive momentum' initiated under the leadership of King Mohammed VI and acknowledged the centrality of the Sahara issue to Morocco's national interest. It also emphasised that a resolution to the conflict would bolster regional stability and integration across North Africa. 'The United Kingdom recognises the importance of a political solution to this issue, one that contributes to peace, stability, and development across the region,' the communiqué noted, adding that such a solution would give 'fresh impetus to regional cooperation and strengthen bilateral ties.' Lammy underscored the UK's commitment to actively support the UN-led political process, including the efforts of Staffan de Mistura, the Secretary-General's Personal Envoy for Western Sahara. As a permanent member of the UN Security Council, the UK pledged to contribute constructively to diplomatic efforts aimed at finding a consensual political settlement acceptable to all parties. In a significant economic gesture, the UK also reiterated its intention to support Morocco's development efforts in the Saharan provinces through UK Export Finance. This includes a readiness to mobilise part of a broader £5 billion commitment for new projects throughout Morocco, reinforcing London's view of the North African kingdom as a key partner and gateway to the African continent. The UK's declaration of support adds to a series of recent recognitions of the Moroccan autonomy plan by major global and regional powers. Observers view the move as a reflection of shifting geopolitical dynamics in North Africa, where stability and development are increasingly seen as intertwined with a resolution of the decades-long Western Sahara dispute. For Rabat, the UK's position marks another diplomatic win in its campaign to garner broader international backing for its autonomy initiative — a strategy that appears to be gaining ground in multilateral forums and bilateral partnerships alike.
Morocco World
2 days ago
- Business
- Morocco World
Western Sahara: UK Endorses Moroccan Autonomy Plan in Landmark Diplomatic Meeting
Rabat – The UK has thrown its full support behind Morocco's Autonomy Plan as a credible and pragmatic solution to the regional dispute over the Western Sahara. The move was formalized in a joint press statement signed Sunday in Rabat by British Foreign Secretary David Lammy and Moroccan Foreign Minister Nasser Bourita, during what officials described as a turning point in bilateral ties. 'This is the first visit by a UK Foreign Secretary to Morocco since 2011,' Bourita noted, addressing reporters alongside Lammy. 'I must remind His Excellency David, my dear friend, that when we met a year ago, we discussed this very matter.' Recalling promises made, Bourita added: 'The first was that, under your mandate, the UK Foreign Secretary would pay an official visit to Morocco. The second was that this visit would mark a turning point, a game-changer, in our bilateral relations.' The visit did just that. The UK affirmed that Morocco's Autonomy Plan, presented in 2007, offers a 'serious, credible, and realistic basis' for resolving the Western Sahara dispute. It also confirmed that UK Export Finance could consider supporting economic development projects in the southern provinces of Morocco, in line with London's broader commitment to mobilize £5 billion in investments across the country. 'This visit is also particularly meaningful due to a major development in the United Kingdom's position on the Moroccan Sahara,' Bourita stated. 'From today onward, we will work together bilaterally, regionally, and internationally, grounding our relations in this strategic partnership.' Bourita described the moment as 'one of great significance, if not historic,' explaining that it coincided with the fifth session of the Morocco–UK Strategic Dialogue, a platform he said would open a 'new phase in our relations.' Moreover, Lammy acknowledged the weight of the Western Sahara issue for Rabat, affirming London's understanding of its historical and political significance. 'The UK knows how important the Western Sahara is to Morocco,' he said, stressing the need to move toward a final settlement. 'The time for a resolution is long overdue. We understand the urgent need to secure a definitive and lasting solution, one that delivers a better future for the people of the region.' The ministers signed four new agreements covering areas such as trade, defense, research, and investment, with more expected in the coming days. The UK's new stance aligns it with other major international powers that support Morocco's territorial integrity. Bourita noted that Morocco does not see this support as a symbolic gesture. 'Morocco has never viewed this international momentum as merely symbolic, nor as a diplomatic gesture to maintain the status quo. Instead, we see it as a concrete path toward resolving a conflict that has persisted for over 50 years.' London's position carries particular weight as a permanent member of the UN Security Council. Morocco's foreign minister emphasized the need for renewed UN involvement: 'This is an opportunity for the United Nations and the international community to act, to reach a final resolution based on Morocco's Autonomy Initiative.' He concluded by reiterating the principles that guide Morocco's foreign policy. 'His Majesty has defined two guiding principles for Moroccan diplomacy: clarity and ambition. Through our recent dialogue with the United Kingdom, many issues have now become clear, and this clarity paves the way for ambition.' With the UK now on board, Morocco's autonomy initiative gains new momentum and increasing international power. What had long been a regional stalemate may now be edging closer to a full international consensus — one that reflects changing geopolitical alignments and Morocco's assertive diplomatic strategy. Tags: autonomy planmorocco western saharaUK MoroccoWestern sahara
Ya Biladi
2 days ago
- Business
- Ya Biladi
Sahara : The United Kingdom supports Morocco's autonomy plan
The United Kingdom considers Morocco's 2007 autonomy plan to be «the most credible, viable, and pragmatic basis for a lasting settlement» of the Sahara dispute. London has committed to supporting this position at bilateral, regional, and international levels, as part of efforts to help resolve the conflict. This position was outlined in a joint communiqué signed in Rabat on Sunday by the UK's Secretary of State for Foreign Affairs, David Lammy, and Morocco's Minister of Foreign Affairs, Nasser Bourita. The communiqué highlights the United Kingdom's support for the «positive momentum» initiated under the leadership of King Mohammed VI. It also underscores London's recognition of «the importance of the Sahara issue» for Morocco and stresses that a lasting solution would «enhance stability in North Africa» while giving fresh impetus to regional integration and bilateral cooperation. Economic Support for Projects in the Southern Provinces The United Kingdom also confirms, through UK Export Finance, its readiness to provide financial support for economic projects in Morocco's Saharan provinces. This initiative is part of a broader commitment to mobilize up to £5 billion (over 62 billion dirhams) in funding for new projects across the Kingdom. The joint communiqué also reiterates that the UK views Morocco as «a key gateway for Africa's socio-economic development» and reaffirms its intention to strengthen the strategic partnership between the two countries across the continent. A Position That Reinforces International Support Both sides reaffirm their commitment to the UN-led political process and express full support for the efforts of the Secretary-General's Personal Envoy, Staffan de Mistura. They stress the importance of reaching a consensual political solution. As a permanent member of the UN Security Council, the United Kingdom pledges to «actively support» this mediation and declares itself «ready, willing, and determined» to assist in efforts towards a lasting resolution of the conflict, in the interests of all parties. The UK's position aligns with a growing international consensus in favor of Morocco's autonomy plan. It reinforces the Moroccan initiative as a realistic and unifying solution and further strengthens Morocco's diplomatic standing with major global powers. «It is high time to move this issue forward», the communiqué concludes, calling for an urgent resolution that ensures regional stability and fosters deeper cooperation across North Africa.
Yahoo
7 days ago
- Automotive
- Yahoo
Nissan Seeks to Raise $7 Billion With UK Government Backing
(Bloomberg) -- Nissan Motor Co., facing a huge loan repayment wall next year, is seeking to raise more than ¥1 trillion ($7 billion) from debt and asset sales to keep operations on track, according to internal documents seen by Bloomberg News. NY Wins Order Against US Funding Freeze in Congestion Fight The struggling Japanese automaker plans to issue as much as ¥630 billion in convertible securities and bonds, including high-yielding US dollar and euro notes, the documents show. Nissan also plans to take out a £1 billion ($1.4 billion) syndicated loan, guaranteed by UK Export Finance. Nissan operates Britain's largest automaking hub, in Sunderland. In addition, Nissan is seeking to sell part of the 15% stake it owns in Renault SA and the equity interest it has in battery maker AESC Group Ltd., as well as plants in South Africa and Mexico. Sale-and-lease-back plans for its Yokohama headquarters, plus properties it owns in the US, are also on the cards. Explainer: Behind Nissan's Downfall, and Can It Recover The carmaker's shares in Tokyo jumped as much as 4.6%, their biggest intraday rise in more than a week, before closing down 0.3%. With Nissan permitted to sell only a third of its Renault stake, that could potentially raise around 690 million euros ($781 million) at current prices. The aggressive and wide-ranging fundraising plans underscore Nissan's rapidly deteriorating financial and operational position, despite efforts by newly appointed Chief Executive Officer Ivan Espinosa to turn the company around. Espinosa presented the options to the board earlier this month, people familiar with the matter said, with the goal of securing some funding within the quarter that will end June 30. The funding proposal doesn't appear to have been approved by Nissan's board yet, leaving it unclear whether it will happen, the people said, declining to be identified discussing details that are private. The proposal is also slated to include the rollover of some debt. Representatives for Nissan didn't immediately respond to a request for comment. A spokesperson at UK Export Finance said in a statement that the organization does 'not comment on speculation around specific transactions.' The funding urgency stems from internal forecasts predicting that Nissan's car manufacturing operations will see excess cash dwindle to close to zero by the end of March 2026, the documents show. The projections are based on US tariffs remaining in place and no further cash injections. Nissan has sufficient capital of about ¥2.2 trillion in cash on hand and credit to last the next 12 to 18 months, Espinosa told Bloomberg TV earlier this month. 'We have a solid footing in terms of liquidity,' he said. Given the uncertainty over tariffs and the state of its business, Nissan didn't issue a profit outlook for the current fiscal year, saying only it expects to post sales of ¥12.5 trillion. Along with its group firms, Nissan is facing around $5.6 billion of debt due next year, the most in Bloomberg-compiled data going back to 1996. The internal documents viewed by Bloomberg also show that Nissan expects to see an operating loss of as much as ¥450 billion for the 12 months through March 2026 if higher tariffs remain in place. Without tariffs, the loss is forecast to be ¥300 billion. Either would mark the biggest operating deficit in the company's history. Espinosa announced plans earlier this month to eliminate 20,000 jobs and close seven of Nissan's 17 plants by March 2028 after the company reported a ¥671 billion net loss for most recent fiscal year. The measures follow the collapse of talks earlier this year to join forces with Honda Motor Co. Those discussions ended in part due to disagreements about Nissan's willingness to make deeper cuts to production and personnel. Nissan will likely close two factories in Japan as part of its restructuring and cost cutting process, people familiar with the matter said. Those targeted facilities are in Oppama and Hiratsuka, near Yokohama, and represent about 30% of domestic production. Various financial institutions have been lined up for the £1 billion in loans backed by UK Export Finance, which mainly supports British exporters. It will comprise one of the largest components of Nissan's planned fundraising. In the past, the agency has helped to secure financing for high-speed rail construction in Turkey and infrastructure in Angola. In Sunderland, Nissan has committed to boost electric vehicle production with a £2 billion investment. The British government has hailed the project as a vote of confidence in the country's automotive industry after years of uncertainty following Brexit. Earlier this month, AESC announced plans to push ahead with a second battery factory in Sunderland after getting financing support from UK Export Finance and the National Wealth Fund, as well as other investors. Formerly a Nissan affiliate, AESC is based in Japan and majority owned by Chinese interests. The recent UK-US trade deal could offer some reprieve to Nissan if it's able to export cars from Sunderland, which has an annual capacity of 500,000 units, at a lower tariff rate. US President Donald Trump's 25% tax on all vehicles imported into the US, which took effect in April, has cast a shadow over most global automakers. It would be costly for all of Japan's export-heavy carmakers, and especially painful for Nissan given its precarious financial state. Nissan has said it has ¥2.1 trillion in unused credit lines in addition to its own liquid reserves, but cash flow turned negative in its latest fiscal year and ratings agencies have cut the company's creditworthiness status to junk. --With assistance from Joe Mayes. (Updates with Nissan's Renault stake value in 4th paragraph.) Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Why Apple Still Hasn't Cracked AI Inside the First Stargate AI Data Center How Coach Handbags Became a Gen Z Status Symbol ©2025 Bloomberg L.P.
CNA
7 days ago
- Automotive
- CNA
Nissan plans US$7 billion funding, including loan backed by UK government: Report
TOKYO: Japan's struggling Nissan is considering raising more than 1 trillion yen (US$7 billion) from debt and asset sales, which would include a syndicated loan guaranteed by the British government, Bloomberg News said on Wednesday (May 28). The country's third-biggest automaker plans to issue as much as 630 billion yen worth of convertible securities and bonds, including high-yielding US dollar and euro notes, Bloomberg News said, citing documents it had seen. Nissan is also considering taking out a 1 billion pound (US$1.35 billion) syndicated loan guaranteed by UK Export Finance, the report said. UK Export Finance is a government agency that provides loans and insurance to British exporters. The Bloomberg News report said Nissan is also looking at selling part of the stakes it holds in French automaker and long-standing alliance partner Renault and in battery maker AESC Group, as well as plants in South Africa and Mexico. A representative for Nissan said the company does not comment on speculation. UK Export Finance also said it did not comment on speculation around specific transactions. Bloomberg News cited sources as saying Nissan's board did not appear to have approved the funding proposal yet, leaving it unclear whether it would happen. The proposal was also slated to include the rollover of some debt, the report said. Earlier this month, the company presented a sweeping cost-cutting plan under which it plans to reduce its workforce by around 15 per cent and cut car plants to 10 from 17 globally. Sources told Reuters this month that Nissan is considering plans to shut two car assembly plants in Japan and overseas factories, including in Mexico, and stop production in South Africa as part of its cost-cutting plan.
