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AfDB financing in Moroccan dirhams

This dossier follows the African Development Bank's development of dirham funding and financing in Morocco.

Last updated : 1 key moments
Moroccan dirham.
Moroccan dirham, 2021. Archival currency illustration. Maroc 2022, CC BY-SA 4.0. — Maroc 2022 / Wikimedia Commons — CC BY-SA 4.0 https://creativecommons.org/licenses/by-sa/4.0/ — 21 décembre 2021, sans modification.

Where things stand

On 30 October 2026, the AfDB announces a first MAD 1 billion, seven-year floating-rate bond.

Reported information

AfDB announces first Moroccan-dirham bond worth MAD 1 billion

The African Development Bank announced its first bond denominated in Moroccan dirhams on 30 October 2026, raising MAD 1 billion, according to a statement reported by French- and Arabic-language media.

Moroccan dirham.
Moroccan dirham, 2021. Archival currency illustration. Maroc 2022, CC BY-SA 4.0. — Maroc 2022 / Wikimedia Commons — CC BY-SA 4.0 https://creativecommons.org/licenses/by-sa/4.0/ — 21 décembre 2021, sans modification.

The Bank describes a private placement with qualified investors. The bond has a seven-year maturity and a floating interest rate linked to the Moroccan Overnight Index Average, or MONIA.

The AfDB intends to expand local-currency financing alongside euro and dollar funding. It also envisages a dirham treasury portfolio that could be funded by converting foreign-currency liquidity. That portfolio remains an announced plan: the sources consulted do not establish that it has been implemented.

Sources 2