Desalination and “TGV” Boost Bank Loan Portfolio, Cash Flow Exceeds 2000 Billion Dirhams
The Moroccan economy has shown significant developments, highlighted by a noticeable increase in bank loans and cash flow supported by major infrastructure projects, amid rising demand for financing from various economic sectors. Bank Al-Maghrib reported that the annual growth rate of loans granted to the non-financial sector accelerated to 8% by December 2025, indicating a revival of banking activity and an expansion in financing investment projects.
Desalination projects and the expansion of the high-speed train network “TGV” are key drivers of this growth in credit demand. These major projects stimulate the banking loans directed towards infrastructure, rejuvenating banks’ loan portfolios and reflecting the credit system’s response to economic development needs.
This dynamism has contributed to an increase in the money supply (M3) in Morocco to record levels, exceeding 2000 billion dirhams by the end of December 2025, with an annual growth rate of approximately 9.4%, according to recent statistical data from Bank Al-Maghrib. This growth in the money supply signifies an improvement in liquidity within the financial system, primarily driven by increased bank loans and cash circulation in the market.
The expansion of banking financing in infrastructure projects, including desalination and high-speed rail, signals the ongoing reliance of the national economy on investing in infrastructure to enhance growth and improve public services, within the context of striving to support sustainable development and strengthen the banking sector’s capacity to finance large projects.
