Benjelloun: Infrastructure Financing Requires Flexible Tools and Long-Term Investments
During a discussion session in Rabat, Mohamed Jamal Benjelloun, the General Director of Nador West Med, called for the adoption of financing methods that align with the nature of infrastructure projects. He noted that these projects are often large and complex with delayed returns, necessitating more flexible and in-depth financial tools.
In the session organized as part of the annual conference of the Moroccan Association of Management Companies and Investment Funds, discussing the theme “Mobilizing National Savings to Finance Tomorrow’s Projects,” Benjelloun emphasized that bond issuance is one of the best tools for financing infrastructure due to its long timeframe and ability to match cash flow needs and debt consumption.
He stressed the need to incorporate bonds into a comprehensive financing mix that includes equity, bank debts, and market financing, asserting that opening the market for collective investment schemes to long-term financial instruments would enhance liquidity and expand funding sources for strategic projects.
On his part, Etienne Sabot, Director of Business and Relations at Fitch Ratings, highlighted the importance of national ratings in stimulating the debt market and attracting new categories of investors. He confirmed that having local rating criteria gives Morocco a competitive advantage, as it provides a more precise understanding of risks and allows for diversification in investment mechanisms.
He added that this trend will help create new investment funds with different characteristics in terms of risk and return levels, encouraging more issuers to turn to capital markets.
The current session of the conference served as a platform bringing together actors from both the public and private sectors, financial institutions, and experts, aimed at exploring financial levers and strategies capable of channeling national savings toward funding structural projects that shape the future of Morocco.
