Morocco Seeks Solutions for Debt-Ridden National Highway Company

The Minister of Equipment and Water, Nizar Baraka, said that his department is working to put in place innovative mechanisms to improve the management of the National Motorway Company of Morocco (ADM) which is drowning in debt.
Speaking at a meeting of the Infrastructure Commission in the House of Representatives, Baraka indicated that the return on investment in the infrastructure sector is long-term. The minister specified that ADM has already benefited from 55 billion dirhams of investment for the realization of infrastructures, of which 80% come from international institutions and 20% from the capital of the company.
The government member stated that the annual financial deficit of the company has reached nearly one billion dirhams, noting that this situation could only be normalized by 2033. Regarding the debt of Autoroutes du Maroc, the official assured that his department is working to strengthen the own assets and to improve the debt ratio, which has gone from 4 to 1.5. The restructuring of the 15.5 billion dirham debt, between 2016 and 2020, or about 40% of the total, has made it possible to reduce the cost of the debt service by around 5 billion dirhams over the period 2016-2032, he added.
High-interest loans have also been replaced by less expensive borrowing, which has reduced the debt level from 40 billion dirhams in 2020 to 37 billion dirhams in 2023, thus giving ADM the capacity to make investments and meet its commitments to lenders, without waiting for state aid.
Nizar Baraka added that his department is studying innovative financing methods to control the debt and finance the company’s future investments, while preserving its financial balance. The revision of toll rates is an option considered to ensure the financial sustainability of Autoroutes du Maroc. Similarly, a study on the link between the level of capital participation and the traffic volume for future motorways is underway.
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