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Morocco’s Industry Sees Normal Bank Financing and Higher Investment Spending in Q2 2026
Bank Al‑Maghrib’s quarterly survey shows that, in the second quarter of 2026, most industrial firms rated access to bank financing as “normal”, with the textile‑leather and mechanical‑metallurgy sectors even describing it as “easy”. Credit costs remained largely unchanged for 83 % of respondents, while investment spending rose across all sectors except textile‑leather, which saw a decline. Companies expect the upward trend in investment to continue over the next three months, funded mainly by equity (70 %).
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Bank Al‑Maghrib Survey Highlights
In its Q2 2026 industrial outlook, Bank Al‑Maghrib (BAM) reports that access to bank financing was perceived as "normal" across virtually all activity branches. The only exceptions were the textile & leather and mechanical & metallurgy sectors, where firms described financing as "easy".
Credit Cost Trends
Overall, 83 % of companies said credit costs were stagnant while 17 % observed a rise. By sector, stagnation rates were highest in mechanical & metallurgy (89 % stagnant, 11 % up) and lower in chemistry & petro‑chemistry (67 % stagnant, 33 % up). Agro‑food and textile & leather firms reported purely stagnant credit costs.
Investment Spending Outlook
Industrialists indicated a rise in investment expenditures for the quarter, with every sector – except textile & leather – posting higher spending. Funding sources were split roughly 70 % equity and 30 % bank credit.
Forward‑Looking Expectations (Next 3 Months)
- All sectors anticipate increased investment spending.
- The textile & leather sector expects a flat (stagnant) investment level.
These findings suggest a broadly optimistic industrial environment, with stable financing conditions and a clear appetite for capital expansion.