Morocco’s public investment portfolio has recorded a major expansion, with investment volumes increasing by 98 percent as the government continues reforms aimed at improving the performance and governance of state-owned institutions and enterprises.
Economy and Finance Minister Nadia Fettah announced the figures during a presentation to the country’s House of Councillors, saying the reforms had delivered “concrete and measurable” results as Morocco moves to strengthen the role of public entities in economic development.
Fettah said the turnover of public institutions and enterprises had increased by 40 percent, while net profits rose from 16.4 billion Moroccan dirhams to 26.6 billion dirhams following challenges experienced in 2022.
She added that financial transfers from public entities into the state budget had also increased by 54 percent, reflecting stronger capacity among public enterprises to generate value and contribute to government revenues.
The minister said the improvements were linked to a broader reform programme designed to enhance efficiency, transparency and strategic management of Morocco’s public sector.
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She defended the importance of public institutions, arguing that they remain essential for implementing state policies, financing major development projects and providing strategic services.
“Whenever the issue of reforming public institutions and state-owned enterprises is raised, a legitimate question frequently emerges: Why do we have such a large number of public institutions and enterprises?” Fettah said.
She argued that these entities serve as key instruments for economic transformation, particularly in areas where private sector participation may be limited.
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The minister highlighted their role in supporting businesses, financing infrastructure and ensuring access to essential services.
She pointed to projects such as dams, ports, highways and railway networks as examples of investments that require strong public sector involvement.
According to Fettah, public institutions are not simply administrative bodies but mechanisms through which the government delivers national development priorities and implements strategic projects.
A major part of Morocco’s reform agenda is the shift toward a “State shareholder” model, which treats public institutions and enterprises as a coordinated investment portfolio rather than separate entities operating independently.
The government has introduced a State Ownership Policy aimed at improving oversight, setting clearer objectives and measuring performance across public holdings.
As part of this transformation, Morocco established the National Agency for the Strategic Management of State Holdings and Monitoring the Performance of Public Establishments and Enterprises.
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Fettah said the approach marks a transition from managing individual institutions separately toward a system where the state acts as a strategic shareholder.
“We have gradually moved from managing each institution separately to a model of a State shareholder, which defines strategic objectives, measures results, and monitors performance,” she said.
The minister explained that the growth of Morocco’s public portfolio is not only reflected in financial indicators but also in a new management philosophy focused on investment, value creation and sustainable financing.
The reforms aim to reduce reliance on government guarantees while encouraging public enterprises to operate with stronger financial discipline and clearer performance targets.
Morocco has in recent years pursued wide-ranging economic reforms designed to attract investment, strengthen public finances and improve the competitiveness of its economy.
Authorities say improving the performance of state-owned enterprises is a key part of ensuring that public resources are used more effectively and that major development projects deliver greater economic impact.
The government expects continued reforms to further improve the efficiency of public institutions while maintaining their role in supporting national development priorities.
