Morocco ranks eighth among World Bank borrowers with $1.77 billion in fiscal 2025

Morocco secured the eighth position among the largest borrowers from the International Bank for Reconstruction and Development (IBRD) during the 2025 fiscal year, receiving $1.77 billion in new lending commitments, according to the World Bank Group’s annual report.

Ranking and borrowing trends

The amount marked a modest increase from the $1.75 billion recorded in fiscal 2024, when Morocco ranked seventh globally. The figures highlight the ongoing role of international financing in backing the kingdom’s infrastructure projects and public-sector reforms.

Brazil led the 2025 ranking with $3.86 billion in commitments, followed by Türkiye at $3.79 billion and Argentina at $3.73 billion. Ukraine, the Philippines, Indonesia, and India also placed ahead of Morocco, while South Africa and Peru completed the top ten.

The data reflect financing commitments approved during the financial year, not disbursed funds or total outstanding debt.

Shift in 2026 ranking

The ranking has since changed. The World Bank’s fiscal 2026 annual report, released in September, no longer lists Morocco among its ten largest IBRD borrowers. India, Türkiye, and Brazil now occupy the top three positions.

Development programmes and recent approvals

Morocco’s financing relationship with the institution spans several major development programmes, including public administration, education, social protection, healthcare, and infrastructure.

In March 2025, the World Bank approved $600 million to support reforms aimed at strengthening healthcare coverage, social protection, and resilience to economic and climate shocks.

The International Finance Corporation (IFC), the World Bank’s private-sector arm, also participated in a financing arrangement for the expansion of Tanger Med’s truck and passenger terminal, alongside international banks and the Multilateral Investment Guarantee Agency.

New partnership framework

In July 2026, Morocco and the World Bank Group announced a new ten-year partnership framework focusing on private-sector investment, employment, competitiveness, and improving access to public services. The framework aims to shift Morocco’s growth model away from heavy reliance on public investment and toward greater private-sector participation.