ONCF Green Bond: Building a Greener Future for Africa

A case study by FSD Africa detailing the Moroccan National Railways Office's (ONCF) issuance of Morocco's first infrastructure Green Bond to finance a wind-powered high-speed rail link between Tangier and Kenitra.

• In 2022, the Moroccan National Railways Office (ONCF) issued Morocco's first infrastructure Green Bond, raising 1 billion Moroccan dirhams (approximately £80 million). The bond was used to refinance the construction of a high-speed rail link between Tangier and Kenitra, which is powered entirely by wind energy. The process involved strategic partners including CDG Capital and the European Bank for Reconstruction and Development (EBRD), with facilitation from FSD Africa.
• The high-speed rail project is expected to reduce CO2 emissions by more than 2.5 million tonnes over a 30-year period, a figure the document compares to planting four million trees. This initiative is part of a broader effort to address Morocco's emissions, which grew at an average rate of 3.5% per year since 2010, reaching 67 million tonnes of CO2 in 2021 according to the International Energy Agency.

APA

FSD Africa (2025). ONCF Green Bond: Building a Greener Future for Africa. https://fsdafrica.org/impact-stories/oncf-green-bond-building-a-greener-future-for-africa/

Chicago

FSD Africa. ONCF Green Bond: Building a Greener Future for Africa. 2025. https://fsdafrica.org/impact-stories/oncf-green-bond-building-a-greener-future-for-africa/.

Wikipedia

{{cite report |author=FSD Africa |title=ONCF Green Bond: Building a Greener Future for Africa |date=28 May 2025 |url=https://fsdafrica.org/impact-stories/oncf-green-bond-building-a-greener-future-for-africa/ |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{fsdafrica2025oncf, author = {{FSD Africa}}, title = {{ONCF Green Bond: Building a Greener Future for Africa}}, institution = {FSD Africa}, year = {2025}, month = may, url = {https://fsdafrica.org/impact-stories/oncf-green-bond-building-a-greener-future-for-africa/}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }