The European Bank for Reconstruction and Development is preparing two structurally significant financing operations for Moroccan public enterprises, totaling up to €350 million. The first, a €250 million loan to the National Electricity and Water Office (ONEE), is designed to support a performance improvement program for the country’s drinking water distribution network. The second, a €100 million loan to the National Airports Office (ONDA), will support a comprehensive digitalisation program for Morocco’s airport operator.
The ONEE operation is structured in two tranches: a committed tranche A of €120 million and an uncommitted tranche B of €130 million. The proceeds will fund the rehabilitation and modernization of drinking water distribution infrastructure at national scale, with priority objectives of reducing non-revenue water losses, improving network performance, and ensuring continuity of service for consumers. The program includes the modernization of metering and surveillance systems. The loan will be backed by a guarantee from Tamwilcom (SNGFE), and an accompanying technical assistance package will support project implementation and the improvement of ONEE’s ESG practices.
The ONDA operation is similarly structured in two tranches: a committed tranche A of €60 million and an uncommitted tranche B of €40 million. The financing targets ONDA’s airport digitalization program, aimed at strengthening operational efficiency, safety, reliability, and service quality while optimizing costs in line with international standards. A technical assistance component specifically supports the institutional reform of ONDA, including a workstream on the transformation of the office’s legal form — a reform that has been under discussion as part of a broader restructuring of Morocco’s public enterprise landscape.
Both operations are currently in negotiation, and their combined scale reflects the EBRD’s growing ambition in Morocco as a priority partner country for structural reform support. The EBRD, which operates in Morocco under a memorandum enabling engagement with the country’s public and private sectors, has been active across energy, transport, agribusiness, and financial sector support, with an expanding portfolio that increasingly targets institutional transformation alongside capital investment.
The two operations fit coherently within Morocco’s current public investment framework. ONEE is at the center of the country’s water security agenda, managing a distribution network that serves millions of households and faces intensifying pressure from demographic growth, climate variability, and urbanization. ONDA oversees an airport network that handled record passenger volumes in 2025 and is preparing for a further surge around the 2030 World Cup. The EBRD’s financing on both fronts adds a multilateral institutional partner to the public investment mix at a moment when the operational performance of these two utilities is directly consequential for Morocco’s development trajectory.
