Morocco has mobilised 148.5bn dirhams ($14.8bn) through alternative financing mechanisms in 2025 to fund major infrastructure projects, including preparations for the 2030 FIFA World Cup, according to a government report submitted to King Mohammed VI. The National Agency for the Strategic Management of State Holdings and Monitoring the Performance of Public Enterprises said the financing methods had eased pressure on the state budget by about 100bn dirhams.
The funding covers 53bn dirhams for the extension of the high-speed rail network, 14.5bn dirhams for motorway development and 38bn dirhams for airport infrastructure expansion.
The agency said the mechanisms included securitisation, real estate collective investment schemes and bond issuance, without state guarantees or an increase in Treasury debt.
The figures were published in the agency’s second annual report on the state as a shareholder, covering 2024-2025. The report outlines efforts to improve the management of state-owned enterprises and shift the focus towards measurable economic and social outcomes.
The reforms include legislation and regulations designed to strengthen corporate governance, increase the independence of public enterprises and improve their financial and operational performance while maintaining public service obligations.
The government has adopted one law and six decrees as part of the public sector reform programme. Two additional laws concerning the conversion of public entities into limited companies have been published in the Official Gazette, while the Council of Government has approved a further draft law.
The report says the legal conversion of commercially oriented entities is expected to be completed by the end of July 2026, while preserving the state’s sovereign responsibilities.
The agency oversees 57 public entities operating across 16 strategic sectors. Together, they employ more than 86,000 people.
In 2024, these entities accounted for 67% of public sector turnover, generating a combined 242.9bn dirhams, an annual increase of 8%.
They also represented about 95% of public sector value added and 79% of total public investment.
Their operating profit reached 41.7bn dirhams, while combined net profit stood at 22.5bn dirhams. The report attributed the positive performance to growth in the phosphate, energy, logistics and transport sectors.
The agency has compiled Morocco’s first state-shareholding accounts under International Financial Reporting Standards (IFRS) for 2022, 2023 and 2024, in a move intended to improve transparency around public assets and liabilities.
It also processed 54 requests for opinions on portfolio and capital transactions in 2025, according to the report.
Between 2023 and 2026, 46 specialised committees were established and the responsibilities of 21 existing committees were expanded. These bodies cover areas including audit, risk management, strategy, appointments and remuneration.
The report also records the appointment of 33 independent directors across 24 public enterprises, alongside the adoption of governance and environmental, social and governance (ESG) frameworks.
