Maroc Telecom Raises $330 Million in Landmark Bond Issuance to Boost 5G and Fibre Expansion
June 25, 2025 | Rabat, Morocco
Maroc Telecom, the North African nation’s leading telecom operator, has successfully completed its first-ever private bond issuance, raising $330 million (3 billion dirhams) to refinance existing debt and fund critical infrastructure investments in 5G and fibre optic networks.
According to the company’s announcement on Tuesday, the bond carries a two-year maturity with bullet repayment and was issued at a fixed rate of 2.37%.
A Strategic Financial Move Amid Growth Ambitions
This historic fundraising marks a significant milestone in Maroc Telecom’s financial strategy, enabling it to enhance digital infrastructure while maintaining fiscal flexibility. The capital raised will go toward refinancing parts of its debt portfolio and accelerating strategic investments in next-generation broadband — a key pillar of the company’s plan to support Morocco’s digital transformation.
Owned 53% by UAE telecom giant Etisalat and 22% by the Moroccan government, Maroc Telecom has been positioning itself as a regional leader through digital investments and cross-border expansion.
Regional Footprint: Africa as a Growth Engine
While the telecom operator continues to face intense competition in its domestic Moroccan market, it has found new momentum through operations across sub-Saharan Africa. Currently, Maroc Telecom operates in 10 African countries, including:
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Benin
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Burkina Faso
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Central African Republic
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Chad
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Côte d’Ivoire
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Gabon
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Mali
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Mauritania
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Niger
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Togo
These markets, operated under the Moov Africa brand, now generate approximately 40% of the company’s total revenue, underlining the success of its internationalisation strategy.
In particular, strong revenue performances in Burkina Faso and Côte d’Ivoire, coupled with rising mobile data consumption, have helped offset challenges at home.
Financial Performance: Q1 2025 Profit Decline
Despite the bond market success, Maroc Telecom is navigating financial turbulence.
In Q1 2025, the company reported a 5.9% drop in net profit, down to $154 million (143 billion dirhams), following a 2% year-on-year dip in consolidated revenue, which declined to 8.8 billion dirhams.
The revenue decline was attributed primarily to a 3.7% slump in Moroccan operations, although this was partly mitigated by a 4.1% revenue increase in its African subsidiaries.
Nonetheless, subscriber growth remained positive, with the company reporting a 3.6% increase, reaching nearly 80 million users as of March 2025. The bulk of that growth came from its Moov Africa network, where subscriber numbers grew 6.5% year-on-year.
Major Investment Partnerships: $425M IFC Loan Agreement
Adding to its strategic war chest, Maroc Telecom recently signed a $425 million loan deal with the International Finance Corporation (IFC), the private sector arm of the World Bank Group.
This funding will be directed toward enhancing mobile network coverage and internet access in Chad and Mali, two countries where internet penetration remains low.
According to DataReportal:
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Only 13.2% of Chad’s population (about 2.74 million) had internet access as of early 2025.
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In Mali, 35.1% (around 7.82 million) were connected.
The loans will help boost 4G infrastructure, improve mobile internet quality, and scale up Mobile Money services, crucial for expanding financial inclusion in underserved communities.
Executive Outlook and Market Vision
Jassem Alzaabi, Chairman of Etisalat, reiterated the group’s long-term investment commitment:
“This strategic collaboration with Inwi reflects institutional maturity and underscores our dedication to building a comprehensive digital model that supports Morocco’s transformation.”
Maroc Telecom’s current strategy revolves around strengthening fixed broadband, enhancing mobile services, and deepening its reach in emerging markets — aligning with both national goals and regional connectivity agendas.
What’s Next for Maroc Telecom?
Despite short-term profit pressures, Maroc Telecom appears poised for sustained growth through a dual focus:
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Strengthening its home market via 5G and fibre rollouts;
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Capturing growth opportunities across sub-Saharan Africa, where demand for digital infrastructure is booming.
The private bond issuance signals investor confidence in Maroc Telecom’s future, while the IFC-backed expansion reaffirms the company’s role in closing Africa’s digital divide.
As competition stiffens and data usage surges, Maroc Telecom is betting on scale, innovation, and regional integration to secure its leadership in the evolving telecom landscape.
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