Morocco was one of the world’s top countries for attracting private investment backed by public development finance between 2021 and 2024, a new report by the Organisation for Economic Co-operation and Development (OECD) has found.
The country ranked joint 10th globally and third in Africa, attracting an average of $1.5 billion a year. That equals around $6 billion over the four-year period in constant 2023 prices.
Morocco shared 10th place with Serbia. Only South Africa, with $1.7 billion a year, and Egypt, with $1.6 billion, ranked higher in Africa. Morocco was ahead of Ethiopia ($1.2 billion), Kenya ($800 million) and Nigeria ($700 million).
Brazil topped the global ranking with $6.5 billion a year. India came next with $5.7 billion, followed by Turkey ($3.2 billion), Mexico ($2.1 billion) and Colombia ($2 billion).
Africa received the biggest share of private capital mobilised through development finance between 2021 and 2024. The continent attracted $19.7 billion a year, equal to 30% of the global total. Latin America and the Caribbean received $18 billion (28%), while Asia attracted $16.5 billion (25%).
Guarantees were the most common financing tool in Africa, making up 31% of mobilised private investment. Direct investments accounted for 24%, followed by syndicated loans (14%), investments in collective investment vehicles (14%), credit lines (12%) and simple co-financing (5%).
Middle-income countries received 69% of all mobilised private capital during the period. Upper-middle-income countries accounted for 42%, while lower-middle-income countries received 27%. Least developed countries received 8%.
Public development interventions mobilised more than $600 billion in private investment worldwide between 2012 and 2024.
Annual totals rose from $17 billion in 2012 to $75 billion in 2024 in constant 2023 prices. In current prices, the figure reached a record $77 billion in 2024, up 28.2% from 2020.
Guarantees and direct investments each made up 25% of global private capital mobilised between 2021 and 2024. Syndicated loans accounted for 20%, followed by collective investment vehicles (15%), credit lines (9%) and simple co-financing (7%).
Economic infrastructure and services received nearly 70% of all mobilised investment. Banking services and business activities took the largest share at 41.8%, followed by industry, mining and construction (14.1%), energy (13.7%), transport and storage (9.4%) and communications (5.3%).
Climate-related projects attracted $26.2 billion a year, around 40% of all mobilised private capital. Africa received $5.9 billion annually, or 22% of the global total.
Multilateral development banks provided 71% of all mobilised private finance between 2021 and 2024. Bilateral providers accounted for 24%, while other multilateral institutions contributed 5%.
The International Finance Corporation (IFC) was the largest provider, mobilising $20.62 billion a year. European Union institutions followed with $7.2 billion, ahead of the Multilateral Investment Guarantee Agency (MIGA) with $5.64 billion, IDB Invest with $4.14 billion, the European Bank for Reconstruction and Development (EBRD) with $2.98 billion, the African Development Bank (AfDB) with $1.97 billion, the Inter-American Development Bank with $1.9 billion, and the Asian Development Bank with $1.22 billion.
The United States was the biggest bilateral provider, mobilising $6.52 billion a year. The United Kingdom followed with $2.13 billion, ahead of France ($2.06 billion), Germany ($1.33 billion) and Japan ($1.02 billion).
