ONCF Debt: Nearly 49 Billion Dirhams by 2026
The financial debt of the National Office of Railways (ONCF) continues to rise, propelled by the acceleration of major railway investments undertaken by Morocco leading up to 2030. As of the end of June 2026, the Office’s debt approaches 49 billion dirhams, following an increase of over 3 billion dirhams in just six months.
ONCF’s Debt Increases by 7%
According to data released in connection with the second-quarter 2026 results, ONCF’s financing debt stood at 48.955 billion dirhams at the end of June, compared to 45.721 billion dirhams at the end of December 2025. This marks an increase of 3.234 billion dirhams, or a rise of 7% over six months.
On a consolidated basis, which includes the Office’s subsidiaries, the debt slightly exceeds the 49 billion dirham mark, reaching 49.031 billion dirhams compared to 45.788 billion dirhams six months prior.
ONCF attributes this progression to its financing strategy and the planned trajectory to support the development of its railway infrastructure.
A Railway Program of 96 Billion Dirhams
This increase in debt occurs against a backdrop of massive investments in the Moroccan railway sector. ONCF plans to mobilize approximately 96 billion dirhams by 2030 to transform and modernize the national network.
This budget includes 53 billion dirhams allocated for the infrastructure and equipment of the new high-speed rail line between Kenitra and Marrakech. Approximately 29 billion dirhams are earmarked for the acquisition of 168 new-generation trains, while 14 billion dirhams will be devoted to maintaining performance and modernizing the existing network.
The Office asserts that its main projects are now well underway and progressing according to the planned timelines. The construction of the LGV Kenitra-Marrakech is notably accelerating with the completion of several structures, viaducts, rail tracks, and improvements.
Over 27 Million Passengers in the First Half of the Year
Despite the rise in its debt, ONCF’s operations continue to grow. Over 27 million passengers used the Office’s trains during the first six months of 2026.
The passenger service generated 1.371 billion dirhams in revenue during this period, slightly exceeding the figure recorded a year earlier, despite disruptions caused by adverse weather and work being carried out on several conventional lines.
For its part, Al Boraq confirms its momentum. Nearly 2.8 million passengers utilized the high-speed train between January and June, marking a 9% increase year-on-year. The revenue generated by this service rose by approximately 7%, reaching 408 million dirhams.
Consolidated Revenue Reaches 3.13 Billion Dirhams
As of the end of June 2026, ONCF’s revenue stood at 2.476 billion dirhams in the social accounts.
Incorporating the various subsidiaries of the group, consolidated revenue reached 3.131 billion dirhams, compared to 2.962 billion dirhams a year prior, reflecting a growth of 6%.
Thus, ONCF’s financial situation reflects a dual movement: a growth in activity and increasing train traffic, alongside a significant mobilization of financing to support Morocco’s major railway projects.
With the LGV Kenitra-Marrakech, the acquisition of new trains, and the modernization of the existing network, the Office is at the heart of an unprecedented investment program that is expected to continue impacting its financing needs over the coming years.
