Morocco's state-owned railway company, ONCF, is seeking $8.8 billion in funding to fuel a major expansion project. However, the response from investors has been overwhelmingly positive, exceeding expectations.
African Development Bank (AfDB) President Akinwumi Adesina announced that ONCF received funding offers totaling over $13 billion at the recently concluded three-day Africa Investment Forum in Rabat.
The AfDB played a key role in securing this investment, leveraging its partnerships with other international banks and financial institutions. In total, the forum garnered pledges of $29.2 billion for various African development projects spanning diverse sectors, including water, energy, transport, private equity, tourism, infrastructure, and pharmaceuticals.
ONCF's ambitious plan includes expanding its high-speed rail network to reach Marrakech, the fourth-largest city in Morocco, before the 2030 World Cup and subsequently extending to Agadir further south.
The long-term vision aims to significantly increase the network's reach, doubling the number of cities served to 43 by 2040. This expansion would provide rail service to 87% of the Moroccan population, greatly enhancing connectivity and accessibility across the country.