Morocco Raises €2B from Eurobonds for World Cup 2030
In preparation for the FIFA World Cup 2030 (#WorldCup2030), Morocco plans to raise EUR 2 billion of capital via Eurobonds. On 26 March 2025, the Government of Morocco announced that the #Eurobond issue was fully booked and even oversubscribed.
The sale of eurobonds attracted a remarkably high level of interest, reaching EUR 6.75 billion. Initially, the Government of Morocco was aiming for EUR 1.5 billion. In light of the apparent appetite, Morocco finally enlarged the offering to EUR 2 billion.
Two types of bonds were offered: 4-year notes with 1.55% interest and 10-year notes at 2.15%. BNP Paribas, Citigroup, Deutsche Bank, and JPMorgan Chase are the bookrunners, while Lazard Inc. is the transaction adviser.
Due to strong investor interest, the interest rate was also revised downward, thus reducing the cost of borrowing for Morocco. The decrease in cost of capital is especially significant since Morocco is classified just below ‘investment grade’ by major sovereign credit rating agencies like Moody’s, S&P Global, and Fitch.
It is also worth recalling that Morocco previously issued Dollarbonds to the tune of USD 2.5 billion in 2023. Since Morocco made good on its repayment on the Dollarbonds, it reinforced Morocco’s reputation as a reliable borrower.
Some EUR 500 million is earmarked for the construction or upgrade of football stadiums. Additionally, Morocco plans to expand the international airport and extend the high-speed rail network. In December 2024, AfDB pledged EUR 650 million to finance Morocco’s World Cup preparations, specifically targeting transport infrastructure projects.
The Gulf Cooperation Council (GCC) assured that it would provide ‘all forms of support and cooperation’ to ensure the successful hosting of the World Cup by Morocco. Other institutions, such as the Arab League’s Economic and Social Council, have also expressed their support for Morocco.
In 2030, Morocco is co-hosting the FIFA World Cup along with Spain and Portugal across the Mediterranean. The estimated investment of Morocco for the World Cup is estimated to be about USD 35 billion, which is similar to what Qatar spent on the 2022 World Cup.
The Government of Morocco underscores that the economic benefits from the World Cup will outweigh the cost of the bonds. The world’s largest sports event is expected to give a significant boost to tourism and contribute to creating jobs.
Last but not least, Morocco is a soccer powerhouse in Africa and fancies its chance to go further in the World Cup since it is taking place on its home turf.