FSD Africa and CDG Capital support Africa’s first corporate clean mobility green bond worth $95m issued by Morocco’s National Railway Operator

This is Africa’s first corporate clean mobility bond worth 1 billion dirhams ($95m) launched by the Office National des Chemin de Fer (ONCF) to facilitate the refinancing of the operations of an electrified railway line aiming to achieve low carbon transportation in Morocco.

Casablanca, 28 July 2022: Africa’s first corporate clean mobility bond has today been launched by Morocco’s national railway operator (ONCF). ONCF was supported by CDG Capital in the strategic advice, structuring, placement, centralization, and coordination of the green certification work with its partners FSD Africa and CBI.

With this issuance, ONCF is targeting to raise approximately 1 billion dirhams ($100m) to support the Al Boraq project, which has led to considerable gains for the community in terms of connectivity, travel time and frequency, while reducing greenhouse gas emissions.

This high-speed line (Ligne à Grande Vitesse – LGV) project is part of a master plan to connect Tangier to Marrakech by 2030, advancing economic development by providing faster inter-urban passenger and freight lines with reduced carbon emissions. Through the LGV Journey time between Tangier and Kenitra has been reduced by 2 hours and 25 minutes and will result in a reduction of over 2.9 million tonnes of carbon equivalent over a 30-year timeframe.

Climate Finance is an important focus area for FSD Africa. This project presents an opportunity for FSD Africa to support the issuance of Africa’s first corporate clean mobility bond.
Mark Napier, CEO – FSD Africa