Maroc Telecom Raises $330M to Fuel 5G, Fibre and Sub-Saharan Expansion

Morocco’s leading telecommunications provider, Maroc Telecom, has raised $330 million (3 billion dirhams) through a private domestic bond issuance — its first of such kind — aimed at deepening investments in 5G deployment and fibre optic infrastructure. The issuance comes amid a tightening financial landscape and rising demands for connectivity across North and sub-Saharan Africa.

The bond, issued with a two-year maturity and fixed interest rate of 2.37%, will partly refinance existing debt while reinforcing the company’s commitment to Morocco’s digital economy and broader African expansion plans.

Africa’s Digital Connectivity Push Gains Steam

Despite ongoing financial pressures, Maroc Telecom continues to double down on infrastructure. The company’s Moov Africa brand operates across 10 African markets, including Mali, Chad, Côte d’Ivoire, Benin, Gabon, Niger, Togo, and others — contributing to 40% of its total revenue. While its Moroccan operations declined by 3.7% year-on-year, Moov Africa posted a 4.1% revenue growth in Q1 2025, underscoring the strategic value of regional diversification.

Maroc Telecom also reported a 3.6% growth in its customer base, now standing close to 80 million subscribers, thanks largely to a 6.5% subscriber increase in its Moov subsidiaries.

IFC Partnership: A $425M Commitment to Underserved Regions

Last week, the company secured two major loans worth $425 million from the International Finance Corporation (IFC) to support mobile internet infrastructure in Chad and Mali — two of its most underserved markets. These funds will accelerate 4G expansion, improve mobile broadband, and deepen financial inclusion through mobile money services, especially in areas with low banking penetration.

According to DataReportal, internet penetration in Chad was just 13.2% as of early 2025, while Mali stood at 35.1%, reinforcing the need for urgent infrastructure development.

Strategic Backing & Future Outlook

Etisalat UAE, which owns 53% of Maroc Telecom, continues to back the operator’s regional vision. Chairman Jassem Alzaabi noted that recent partnerships and funding moves “underscore our commitment to building a digital ecosystem that supports Morocco’s and Africa’s transformation.”

Despite a 5.9% drop in Q1 profit—driven by revenue softness in Morocco—the telecom firm is expected to maintain its capital investment pace in 2025, particularly in fixed broadband and cross-border fibre connectivity.