Morocco Reportedly Raises €2.25 Billion in International Bond Sale

Rabat – Morocco has raised €2.25 billion through an international bond sale, Asharq Business reported on Monday.

Quoting informed sources from the Treasury and External Finance Directorate (DTFE) of the Economy Ministry, the business-focused news outlet said Morocco carried out the operation in two tranches. This includes a first operation maturing in 2034 with a value of € 1.25 billion, while the second is in 2038, worth € 1 billion.

“The issuance attracted demand totaling €5.2 billion, representing a coverage ratio of around 2.5 times,” the news outlet said.

The report also sheds light on Morocco’s 2026 financial budget, setting the ceiling for new external debt at $6.5 billion, in addition to MAD 65 billion ($7 billion) in domestic borrowing.

“The kingdom’s move toward euro-dominated bonds reflects the depth of its economic ties with the European Union, its main trading partner, as well as European companies’ interest in financing infrastructure projects linked to the 2030 World Cup, which it will co-host with Spain and Portugal,” the report added.

Morocco and the EU continue to commit to stronger ties and cooperation at all levels.

The EU is Morocco’s trade partner, and Morocco is the EU’s biggest trade partner among southern neighboring countries, which also include Algeria, Egypt, Jordan, Lebanon, Libya, Syria, and Tunisia, among others.

Morocco is the EU’s 17th biggest trade partner, representing 1.2% of the EU’s total trade in goods with the world in 2025, according to data from the European Commission.

The EU is also Morocco’s largest trade partner, accounting for 33.7% of its trade in goods in 2025. Around 33.2% of Morocco’s exports went to the EU the same year, while 34% of Morocco’s imports came from the EU.

Last year, Bloomberg reported on Morocco raising $2.2 billion in euro-dominated bonds, exceeding initial expectations by €500 million in its first eurobond sale since 2020.

“Today we need euros more than dollars,” Finance Minister Nadia Fettah Alaoui said in 2025.

The funds aim to support Morocco’s mega projects, including the preparations for the FIFA World Cup in 2030.

According to Bloomberg, Morocco’s total spending through 2035, including costs from the 2023 earthquake, is projected to reach at least $35 billion.

Meanwhile, Asharq said in its Monday report that Morocco is executing projects of $20 billion related to the World Cup in addition to $100 billion projects related to infrastructure.

“In recent years, Rabat has worked to regain this rating by strengthening fiscal discipline, despite major spending commitments related to the reconstruction of areas affected by the devastating 2023 Al Haouz earthquake and preparations for hosting the World Cup, including expanding rail networks, increasing airport capacity, and upgrading stadiums.,” the report stressed.