The National Railway Office (ONCF) successfully completed its second issuance of green bonds on February 7, 2025, securing an impressive 2 billion dirhams from institutional investors. This operation attracted significant interest, being oversubscribed 5.25 times with total demand reaching 10.49 billion dirhams. The issuance garnered substantial support from Moroccan financial entities, including mutual funds, insurance companies, pension funds, and the Caisse de Dépôt et de Gestion (CDG). Notably, the European Bank for Reconstruction and Development (EBRD) also participated, underscoring the confidence international institutions have in ONCF's strategic direction. The green bonds are issued in four tranches, with maturities ranging from 15 to 30 years, and offer either fixed or adjustable rates. These bonds are backed by the Moroccan State through the National Company for Enterprise Guarantee and Financing (SNGFE), enhancing their appeal. The operation was structured with assistance from CDG Capital, which served as the financial advisor and placement agency. The funds raised will be allocated to environmentally sustainable railway projects, such as line electrification, infrastructure modernization, and initiatives to improve the energy efficiency of the network.
