Morocco ranked eighth among the largest borrowers from the International Bank for Reconstruction and Development (IBRD) in fiscal 2025, securing $1.77 billion in new lending commitments, according to the World Bank Group’s annual report.
The figure represented a slight increase from $1.75 billion in fiscal 2024, when Morocco ranked seventh globally, underscoring the continued role of international financing in supporting the Kingdom’s infrastructure investments and public-sector reforms.
Brazil topped 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 ranked ahead of Morocco, while South Africa and Peru completed the top 10.
The figures measure financing commitments approved during the financial year, rather than funds disbursed or total outstanding debt.
The ranking has since changed. The World Bank’s fiscal 2026 annual report, published in September, no longer lists Morocco among its 10 largest IBRD borrowers, with India, Türkiye and Brazil occupying the top three positions.
Morocco’s financing relationship with the institution nevertheless extends across several major development programs, 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.
Its private-sector arm, the International Finance Corporation, also joined a financing arrangement for the expansion of Tanger Med’s truck and passenger terminal, alongside international banks and the Multilateral Investment Guarantee Agency.
In July 2026, Morocco and the World Bank Group announced a new 10-year partnership framework focused on private-sector investment, employment, competitiveness and improving access to public services.
The framework seeks to shift Morocco from growth heavily driven by public investment toward greater private-sector participation.
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