The African Development Bank (AfDB) has completed its first bond issue denominated in Moroccan dirhams, raising MAD1 billion through a private placement with qualified investors. Announced on Friday, October 30, 2026, the transaction gives the multilateral lender another source of funding in Morocco’s domestic capital market.
The seven-year bond carries a floating interest rate linked to the Moroccan Overnight Index Average (MONIA), the country’s overnight money-market benchmark. MONIA draws on secured repurchase transactions, linking the bond’s interest payments to local funding conditions rather than a fixed coupon.
For AfDB, the deal adds the dirham to a funding mix traditionally dominated by euros and US dollars. The bank wants to expand the financing options it can offer Moroccan clients in their own currency. It is also considering a dedicated dirham treasury portfolio, potentially supported by converting part of its existing foreign-currency liquidity.
Moroccan banks help structure the placement
Attijari Finances Corp. advised on the transaction, with Attijariwafa Bank and CDG Capital acting as lead managers. AfDB said it worked with Morocco’s Ministry of Economy and Finance, central bank Bank Al-Maghrib and the Moroccan Capital Market Authority to complete the inaugural placement.
Beyond the funds raised, the institution plans to support deeper Moroccan capital markets through hedging instruments and greater liquidity in derivatives trading. Experience from the dirham issue will also inform its efforts to develop financing in other African currencies.