Morocco’s state-owned railway company, ONCF, is actively pursuing a substantial $8.8 billion investment to fuel its ambitious expansion plan, according to Akinwumi Adesina, president of the African Development Bank (AfDB). The announcement was made following the conclusion of the Africa Investment Forum, which took place in Rabat over the last three days.
Adesina shared that, during the event, investors expressed their willingness to provide significantly more than the requested amount, with financing offers exceeding $13 billion. This interest highlights the growing confidence in ONCF’s growth strategy and the pivotal role it plays in Morocco’s transportation infrastructure development.
The AfDB, a key player in financing large-scale development projects across Africa, collaborates with several other banks and financial institutions to support initiatives that are set to drive the continent’s economic growth. Through its partnerships, the AfDB has helped to mobilize substantial financial resources for critical infrastructure and development projects.
One of the key takeaways from the forum was the total financing raised for various projects across Africa, which amounted to $29.2 billion. These projects span diverse sectors, including water supply, energy, transportation, private equity, tourism, infrastructure, and pharmaceuticals. The impressive amount reflects the increasing investment appetite in Africa, as international and regional financiers recognize the continent’s potential for growth.
For Morocco, ONCF’s expansion plan is a key part of its vision to modernize its transport infrastructure. One of the key goals is to extend the high-speed train network to Marrakech before the 2030 FIFA World Cup. This major infrastructure project will help improve connectivity between major cities and boost Morocco’s tourism and trade potential.
Furthermore, ONCF aims to double the number of cities served by its rail network by 2040. This ambitious plan will see the network expand to 43 cities, covering around 87% of the country’s population. By doing so, ONCF is looking to enhance mobility, reduce road congestion, and provide more sustainable travel options for Moroccans.
Despite the excitement surrounding the project, ONCF was not immediately available for comment. However, the announcement of the financing offers indicates a strong commitment from both national and international stakeholders to support the development of Morocco’s rail infrastructure.
The $8.8 billion sought by ONCF is a significant sum, but with the overwhelming interest from investors, it appears that the railway operator will be able to secure the necessary funding to move forward with its expansion plan. The project’s success will have a far-reaching impact, not only improving transportation within Morocco but also enhancing the country’s standing as a key player in regional connectivity in North Africa.
