The Moroccan train company is looking for $8.8 billion to support its development ambitions

According to Akinwumi Adesina, director of the African Development Bank (AfDB), Morocco’s state-owned train operator, ONCF, is looking for $8.8 billion from investors to fund its growth plan.

Following a three-day Africa Investment Forum in Rabat, he informed reporters late Friday that investors were willing to expand ONCF above the necessary amount, with financial bids reaching more than $13 billion.

For several of the major development projects it funds around the continent, AfDB collaborates with other banks and financial organizations.

The bank might secure $29.2 billion in funding for African development projects, including those related to water supply, energy, transportation, private equity, tourism, infrastructure, and medicines, at the exclusive event.

Prior to the 2030 World Cup, Morocco intends to expand its high-speed rail system to Marrakech and then to Agadir in the south.

Additionally, by 2040, the operator wants to expand its network to reach 43 cities, or 87% of Morocco’s population.
A statement from ONCF was not immediately available.