Rail operator in Morocco plans $8.8 billion expansion drive

Morocco's state-owned rail operator, ONCF, is seeking $8.8 billion from investors to finance its expansion plan, the head of the African Development Bank (AfDB), Akinwumi Adesina, has said.

He told reporters late on Friday after a three-day Africa Investment Forum in Rabat that investors were ready to extend ONCF more than the required amount, with financing offers totalling over $13 billion.

AfDB partners with other banks and financial institutions for some large-scale development projects it finances across the continent.

During the closed-door event, the bank could garner a total financing worth $29.2 billion for African development projects including water supply, energy, transport, private equity, tourism, infrastructure and pharmaceuticals.

Morocco plans to extend its high-speed train network to Marrakech before the 2030 World Cup, and further south to Agadir.

The operator also aims to stretch its network to double the number of cities it serves to 43, or 87% of the Moroccan population, by 2040.