Morocco’s railway sector is entering a new phase of development.
The challenge is no longer simply to build new lines or acquire additional rolling stock.
Organizations must now develop financing models capable of supporting capital-intensive infrastructure over several decades while also building the capabilities required to structure, negotiate and execute increasingly complex projects.
At the international railway financing forum held in Rabat on October 14–15, 2026, industry participants emphasized that traditional public financing alone can no longer cover the scale of railway infrastructure needs. Médias24
In Morocco, this discussion comes as ONCF is implementing a MAD 96 billion investment program through 2030, including the extension of high-speed rail to Marrakech, the acquisition of 168 trains and the development of commuter rail services in major urban areas. Médias24
This transformation therefore raises two interconnected questions:
How can infrastructure with multi-decade returns be financed sustainably?
And:
do organizations have the capabilities required to structure and execute increasingly sophisticated financial and operational models?
Rail has a distinctive financial equation
Railway infrastructure is highly capital intensive.
Projects require significant upfront investment while financial returns may take decades to materialize.
ONCF has highlighted that passenger revenues alone do not necessarily cover all project costs or provide sufficient returns to every capital provider. Médias24
The challenge is that rail also generates significant economic benefits that are not fully captured in operator revenues.
Railway infrastructure improves territorial connectivity, supports urban development, enables mobility and can contribute to lower carbon emissions.
These benefits have economic value.
But they are not fully reflected in ticket prices.
Infrastructure finance therefore requires a broader assessment of value than a conventional corporate investment.
Capital needs to come from multiple sources
ONCF has identified several potential financing channels.
These include long-term savings from pension funds and insurance companies, development banks, export finance and public-private partnerships. Médias24
The logic is particularly relevant because railway projects can operate over horizons of forty years or more.
Such durations can match the long-term liabilities of institutional investors.
However, access to capital alone is not enough.
The cost of financing remains critical.
High interest rates can significantly affect the viability of infrastructure projects, even when their broader economic benefits are substantial. Médias24
The question therefore becomes:
how can public and private capital be combined while maintaining an acceptable balance between cost, return and risk?
PPPs are fundamentally about risk allocation
Public-private partnerships are one potential mechanism.
But they should not be understood simply as a way to replace public funding with private money.
ONCF emphasizes that PPPs are primarily based on risk sharing.
Certain regulatory, political or social risks may remain with the public sector, while construction or operating risks may be allocated to private partners depending on the project. Médias24
This changes the way infrastructure projects need to be prepared.
Before capital can be raised, organizations need to understand, quantify and allocate risks correctly.
This is where finance and Human Capital begin to converge.
Sophisticated financing requires sophisticated capabilities
Complex PPPs cannot be managed through traditional administrative expertise alone.
They require professionals capable of understanding project finance, financial modeling, contracts, procurement, governance, engineering, risk management and operations.
Médias24 reports that ONCF specifically highlighted the need for specialized skills and expertise among public contracting authorities to design and manage PPP structures throughout their lifecycle. Médias24
This is an important point.
A strategic project may exist.
Capital may also be available.
But if the organization does not have the capabilities required to structure the project properly and negotiate with sophisticated investors, value can still be lost.
Financial expertise becomes a strategic asset
Infrastructure finance roles are therefore evolving.
Finance teams may increasingly need expertise in capital structure, long-term debt, interest-rate exposure, guarantees, concessional finance, institutional investors, export finance and ESG-linked instruments.
Organizations will consequently need increasingly hybrid capabilities.
Finance professionals who understand operations.
Engineers who understand economics.
Legal experts who understand risk allocation.
And leaders who can integrate those perspectives into a single decision-making process.
Green finance creates new opportunities
Environmental finance represents another potential source of capital.
ONCF has already issued several green bonds: MAD 1 billion in 2022, followed by two MAD 2 billion issuances in 2025 and 2026. The organization is also exploring financing mechanisms in which interest rates could be linked to ESG performance indicators. Médias24
This development further connects finance with operational performance.
If financing costs depend on environmental or social targets, organizations need reliable data, internal processes and people capable of measuring and demonstrating results.
ESG can therefore move beyond corporate communication.
It can become a financial variable.
A MAD 96 billion program is also an organizational challenge
An investment program of this scale does not only transform infrastructure.
It also transforms the organization responsible for delivering it.
High-speed rail expansion, new rolling stock and commuter networks require significant coordination across finance, engineering, procurement, operations, maintenance and project management. Médias24
From a Human Capital perspective, organizations therefore need to ask:
Which capabilities will become critical by 2030?
Can existing teams manage several strategic programs simultaneously?
Which capabilities can be developed internally?
Which expertise needs to be recruited externally?
Which critical positions already require succession planning?
Financial planning and capability planning increasingly need to be considered together.
Major projects also compete for talent
Morocco is simultaneously investing in infrastructure, transportation, construction, energy and industry.
These projects do not compete only for capital.
They may also compete for scarce expertise.
Project directors, specialist finance professionals, engineers, procurement leaders, ESG specialists and contract experts may become increasingly sought after.
Recruitment therefore cannot always begin after a project has already started.
It needs to be anticipated.
Executive Search, succession planning and capability mapping consequently become operational preparation tools rather than purely HR processes.
Financing infrastructure means financing execution capacity
The Médias24 article is primarily about the future of railway financing.
But it illustrates a broader principle.
Major infrastructure projects require three resources simultaneously:
capital, time and capabilities.
Investors can make a project financially possible.
Risk allocation can make it sustainable.
But people ultimately turn financing into infrastructure that is built, operated and maintained.
A financial model can make a project possible.
Human Capital helps determine whether it can actually be delivered.
For organizations implementing major investment programs, financing strategy and execution capability therefore need to evolve together.
News source: Médias24 — “Infrastructures ferroviaires : le financement public ne suffit plus, l’ONCF explore de nouvelles pistes,” October 14, 2026. Médias24