Morocco’s ONCF draws investors’ interest at AfDB’s Africa Investment Forum, commitments exceed $14 billion

Morocco’s railway operator ONCF has presented a “strategic” plan to expand the service for a total cost of 8.8 billion dollars, in a project that drew interest of investors offering up to 14 billion dollars, head of the African Development Bank chief Akinwumi Adesina said.

The project was a “big success” for Morocco, Adesina said at a press conference after the end of the Africa Investment Forum in Rabat.

Investors “appreciated” ONCF’s “flagship” project, he said, noting the growing interest in Africa’s transport infrastructure.

Adesina already promised Morocco 650 million dollars in a loan that will be approved later by the Bank’s board.

The loan will help Morocco develop rail and port transport ahead of the World Cup, to be co-hosted with Spain and Portugal.

The Bank has extended a loan of 350 million euros to support Morocco’s economic governance, climate resilience, water supply and build an industrial zone in Nador West Med.

The Africa Investment Forum garnered investment deals worth 29.2 billion dollars, said Adesina.

AIF 2024, held under the theme “Leveraging Innovative Partnerships for Scale,” served as a key platform, paving the way for strategic investments to support Africa’s economic transformation, and provide direct access to deals opportunities across the continent.