Agadir first Moroccan commune to issue bond

The city of Agadir has made a successful issuance of Morocco’s first municipal bond of 1 billion dirhams to fund its development plan.

The dirham-denominated bond sale targeted national and international institutional investors as the commune braces for a facelift.

The European Bank for reconstruction and development (EBRD) has supported Agadir’s bond with an investment of 400 million dirhams.

The bank said its investment in Agadir would help the city “free up additional resources to implement its ongoing urban development program, focusing on green and inclusive infrastructure projects.”

This subscription will serve as a trigger investment under the EBRD Green Cities program, formally initiating Agadir’s participation in the program and making the city the first in Morocco to join the scheme, the EBRD said.

“Under EBRD Green Cities, Agadir will commit to developing a Green City Action Plan (GCAP), which will identify its key environmental challenges and the measures – investments and policy actions – required to address them,” it said.