- A new public financing model free of state guarantees
- How will Morocco finance its airport modernization?
- Railway expansion: high-speed and commuter rail towards 2030
- Record investment in the motorway network
Morocco is striding forward towards the grand sporting showcase of 2030 by deploying an ambitious transformation of its transport infrastructure. Key projects include the extension of the high-speed rail (HSR) line between Kenitra and Marrakech, the development of commuter rail networks (RER), the new Rabat-Casablanca continental motorway, and the comprehensive modernization of the country's airport capacity.
Yet the grand challenge is not merely building, but doing so sustainably. To finance this colossal rollout without overburdening state accounts, the North African nation has devised an innovative financial model.
In its report published on Thursday, 22 October, the National Agency for the Strategic Management of State Holdings (ANGSPE) details the formulas envisaged to back these strategic projects, easing pressure on the General Budget by some 100 billion dirhams.
A new public financing model free of state guarantees
ANGSPE's strategy seeks to break historical dependence on the national budget through asset valuation, future revenue securitization, and the strengthening of public enterprises' financial autonomy.
By converting future cash flows into immediate liquidity, state entities reinforce their balance sheets and assume greater management responsibility. The financial cocktail combines bank loans, bond issues, self-financing, and specific state contributions, positioning infrastructure profitability as key to the model's sustainability.
How will Morocco finance its airport modernization?
The National Airports Office (ONDA) programme envisions an investment of 38 billion dirhams. Of this budget, 25 billion dirhams will be allocated to expanding airport capacity, whilst 13 billion dirhams will be reserved for modernizing facilities and land acquisition.
The financing scheme is structured as follows:
- Twenty-year securitization: Will mobilize 5 billion dirhams through fees paid by ONDA to the State for the use of the public domain, integrated as endowment funds.
- Debt and institutional investment: Will contribute 25 billion dirhams via bond issuances, bank loans, and multilateral loans free of state guarantees, attracting savings from pension funds and insurers.
- Own resources: The remaining 8 billion dirhams will be borne by ONDA itself.
This protocol was validated following the agreement formalized on 24 July 2025 under the chairmanship of then-Head of Government Aziz Akhannouch.
Railway expansion: high-speed and commuter rail towards 2030
The railway sector spearheads one of the largest investment efforts, encompassing the Kenitra-Marrakech high-speed connection and commuter rail networks (RER) in Casablanca, Rabat, and Marrakech.
ANGSPE has articulated a plan valued at 53 billion dirhams:
- 5 billion dirhams stem from direct public contributions.
- 48 billion dirhams will be raised via bank loans contracted by five involved regions (Tangier-Tetouan-Al Hoceima, Fes-Meknes, Rabat-Sale-Kenitra, Casablanca-Settat, and Marrakech-Safi).
Denominated in dirhams, these operations eliminate foreign exchange risk. Subsequently, the National Office of Railways (ONCF) will progressively assume debt repayment as new lines enter commercial service and generate operating revenues, avoiding recourse to sovereign guarantees.
Record investment in the motorway network
Meanwhile, the National Motorway Company of Morocco (ADM) plans to allocate 14.5 billion dirhams until 2032 to undertake key actions such as the Rabat-Casablanca continental motorway and the Tit Mellil-Berrechid section.
To capture these resources, the model backed by ANGSPE and signed on 21 March 2025 relies on two pillars:
- Fee securitization: As in the airport sector, the twenty-year monetization of public domain occupancy fees will provide 7 billion dirhams in a capital increase aimed at bolstering the company's own equity.
- Bond issuances without sovereign guarantee: The remainder of the financing will be completed with corporate debt issuances and credits in the local market, an unprecedented formula consolidating the motorway manager's long-term solvency.