Casablanca – Morocco’s financing relationship with the World Bank deepened notably in fiscal year 2025, reflecting the country’s growing reliance on multilateral development institutions to support major economic reforms, infrastructure programs and social initiatives. According to recently released data, Morocco secured $1.77 billion in approved financing from the International Bank for Reconstruction and Development (IBRD), placing the Kingdom 8th among the institution’s top global borrowers. When combining financing from both the IBRD and the International Development Association (IDA), Morocco ranks 11th worldwide, confirming its status as a high-priority partner for the Bretton Woods institution.

The World Bank Group’s 2025 fiscal year—spanning from July 1, 2024 to June 30, 2025—was marked by heightened demand for development financing amid global economic uncertainty, geopolitical fragmentation and structural reforms underway across emerging markets. Total commitments reached $80.8 billion, split almost equally between the IBRD, which channels resources to middle-income economies like Morocco, and the IDA, which provides concessional loans to low-income countries.

Morocco’s full financing envelope for 2025 was obtained through the IBRD, the World Bank arm that supports middle-income countries seeking long-term loans for development projects, institutional modernization and climate investments. The country’s $1.77 billion allocation places it alongside major emerging markets whose development financing needs increased in 2025. The top IBRD borrowers were Brazil, Türkiye, Argentina and Ukraine, followed by the Philippines, Indonesia and India. Morocco ranks ahead of South Africa and Peru, underscoring the pace and scale of its current reform agenda.

This financing is aligned with the World Bank’s recent strategic focus on resilience, climate adaptation and socioeconomic reforms in the Middle East and North Africa (MENA). Morocco occupies a leading position in this landscape: it represents 34% of the total IBRD financing directed to the MENA region during the same fiscal year, making it the region’s largest beneficiary. The MENA region overall received $5.2 billion, placing it fourth behind Latin America and the Caribbean, Europe and Central Asia, and East Asia and the Pacific.

Several structural factors explain Morocco’s growing importance within the Bank’s portfolio. Over the past decade, the Kingdom has accelerated investments in renewable energy, port logistics, transportation infrastructure, education reforms and social protection expansion. These projects often rely on blended financing that includes domestic resources, international bond issuances and multilateral loans. The government’s drive to modernize institutions, digitalize public services and support vulnerable households has also aligned closely with World Bank priorities.

The IBRD’s financing tools—ranging from long-term loans to risk-management products—have become increasingly attractive for middle-income countries navigating global economic headwinds. Morocco’s 2025 borrowing reflects this broader pattern. Many emerging economies, especially those undertaking large-scale transitions in energy or transportation, are turning to the IBRD as a stable source of financing amid rising global interest rates and volatile capital markets.

Meanwhile, the IDA continues to play a central role for low-income countries, particularly in Sub-Saharan Africa and South Asia. In fiscal year 2025, the IDA committed $39.9 billion across 303 projects, benefiting 78 eligible countries. Nigeria, Bangladesh and Ethiopia were the largest recipients, each securing more than $2.4 billion. While Morocco does not qualify for IDA financing, the combined IBRD–IDA figures are used internationally to rank countries’ overall engagement with the World Bank. Under this metric, Morocco stands 11th, highlighting the scale of its financing envelope relative to global peers.

Morocco’s strong borrowing performance in 2025 is part of a longer-term pattern. Over the past several years, the country has positioned itself as one of the most consistent and strategically aligned partners of the World Bank in the MENA region. Ongoing programs include renewable energy expansion, urban development, financial sector modernization, disaster risk management and programs supporting employment and human capital.

Looking ahead, observers expect Morocco’s engagement with the World Bank to deepen, particularly in areas linked to climate resilience, water security, green transport corridors, digital transformation and social inclusion. As the country continues to implement its New Development Model and invest in large-scale public projects—including energy infrastructure, port development and social protection reforms—multilateral financing is likely to remain a key pillar supporting macroeconomic stability and long-term development goals.

In this context, Morocco’s ranking among the World Bank’s largest borrowers in 2025 underscores both the scale of its ambitions and the confidence of international financial institutions in the country’s reform trajectory.