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Bank Lending Accelerates 8% in 2025, Driven by Public‑Sector Boost
Bank Al‑Maghrib’s latest statistics show an 8 % annual rise in credit to Morocco’s non‑financial sector for December 2025, driven chiefly by a 10.9 % surge in public‑sector lending. Private‑sector credit also ticked up, while non‑performing loans slowed, bringing the NPL‑to‑credit ratio down to 8 %. The jump in loans to local authorities, up 56.8 % thanks to desalination and high‑speed rail projects, together with modest gains in equipment, real‑estate and consumer credit, highlights a broad‑based expansion of bank funding across the economy.
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2025 Loan Growth Overview
Bank Al‑Maghrib reported that total credit to the non‑financial sector accelerated to an annual growth rate of 8 % in December 2025. The surge is mainly driven by a sharp rise in public‑sector lending, which jumped 10.9 %, while private‑sector credit grew by 3.9 % after a 3.7 % increase in the previous period.
Public‑Sector Loans
Loans to local administrations exploded, recording a 56.8 % increase compared with a modest 0.6 % rise a year earlier. The bulk of this growth is linked to financing for seawater‑desalination projects and the extension of the high‑speed train line.
Private‑Sector Credit
Credit to private companies rose 3 % after a 2.3 % rise, and loans to households grew 3.6 % versus 3.4 % previously.
Breakdown by Economic Objective
- Equipment financing: +20.4 % after +16.2 %
- Real‑estate loans: +3.4 % after +3 %
- Consumer credit: +5 % against +4.7 %
- Cash‑management facilities: ‑4.9 % (decline continues)
Non‑Performing Loans
Non‑performing loan (NPL) stock grew at a slower pace of 3.1 % after a 5.8 % jump in November. The NPL‑to‑credit ratio fell to 8 % from 8.7 %.