Public Portfolio: Green Indicators Against a Backdrop of Restructuring

The creation of the National Agency for Strategic Management of State Participations (ANGSPE) reflects the strong will, expressed at the highest level of the State, to optimize the public portfolio, enhance the performance of public institutions and enterprises (EEP), and improve the quality of their management and governance.

Considered the State’s operational arm for investment and structural transformation, EEPs have demonstrated remarkable financial performances in 2024 and 2025.

The report on EEPs, annexed to the 2026 Finance Bill (PLF) and published recently, attests to the public portfolio’s sound financial achievements. The document also provides an enlightening perspective on the implementation of the EEP reform, led by the public Agency headed by Abdellatif Zaghnoun.

Commendable Financial Performance

One of the strengths of the report annexed to the 2026 PLF is that it highlights the key financial information of the public portfolio for the 2024 and 2025 fiscal years.

The turnover (CA) of the EEP sector reached 363.9 billion dirhams (MMDH) in 2024, an increase of 10% compared to 2023. This upward trend stems from the progression of the OCP Group’s turnover.

For the current year, note that the projected year-end closing for the 2025 fiscal year forecasts a turnover of 393.3 billion dirhams for the entire sector. This equates to an 8% increase compared to 2024.

The same applies to operating expenses excluding provisions, which are also on an upward trajectory. They stood at 297.1 billion dirhams in 2024 (+6% compared to 2023).

That said, one of the remarkable progressions is inherent to the public portfolio’s net result, which literally exploded between 2022 and 2024, rising from 1.04 billion dirhams in 2022 to 9.2 billion in 2023 before peaking at 23.4 billion in 2024 (a substantial increase of 152%).

2025 could be seen as a year of correction, as the projected year-end net result for the public portfolio shows a decline to 18.4 billion dirhams.

This would equate to a contraction of 21% compared to 2024.

A Substantial Investment Effort

In 2024, EEPs invested over 101.4 billion dirhams (+25% compared to 2023). According to the aforementioned report, in 2025, the total volume of EEP investments is expected to exceed 152 billion dirhams, a progression of 50% compared to last year.

These projections reflect the high number of ongoing projects for the organization of the 2025 Africa Cup of Nations (CAN) and the 2030 World Cup. Two major competitions the country will host.

Furthermore, the forecasts for the 2026 (over 179 billion dirhams), 2027, and 2028 fiscal years are all above 150 billion dirhams in investments for each year.

Implementation on Track

Among the key areas of the new document annexed to the 2026 PLF is the assessment of the implementation of the EEP reform, defined by Framework Law No. 50-21, relating to the reform of EEPs, and Law No. 82-20 establishing the ANGSPE.

Concretely, the 2021-2025 period was marked by the deployment of several strategic projects, namely the adoption of the Code of Good Governance Practices for EEPs, the preparation of a renewed contractual framework, and the overhaul of the privatization regime.

To recall, the reform of the public portfolio comprises five crucial axes: the development of the planned legal texts, the reform of the financial control system, the State’s Shareholding Policy (PAE), the restructuring operations of EEPs, and the overhaul of the framework governing liquidation operations.

Regarding the development of the legislative and regulatory texts provided for by the reform so far, 9 texts have been approved, two others are in the approval circuit (restructuring of SDLs, State-EEP program-contract) and 6 provisions are under development (State financial control over EEPs, privatization regime, central body for the liquidation of dissolved EEPs, etc.).

It should be noted that the draft law relating to the financial control of EEPs is being finalized. It introduces four major developments related, among other things, to performance-based financial control, its progressive generation (with a modulated degree of intervention), and accountability through regular reporting mechanisms.

Regarding the State’s Shareholding Policy (PAE), it is one of the main instruments of the EEP sector reform, as defined by Framework Law No. 50-21. The strategic orientations of the PAE were approved by the Council of Ministers in June 2024.

They define the priorities, objectives, and guiding principles that guide the management and evolution of the public portfolio. The PAE and its implementation plan have been operational since the end of 2024.

Restructuring Underway

As part of the implementation of the reform of EEPs within its scope, the ANGSPE has to its credit several operations for steering and overseeing restructurings.

For example, in the audiovisual sector, the acquisition by SNRT of 86.3% of “Radio Méditerranée Internationale” in April 2024 and 100% of “Medi1 TV” in July 2024, as well as the ongoing process of attaching “Soread 2M”, constitute the first steps in consolidating public operators into a single, integrated entity.

A memorandum of understanding signed in November 2024, involving the ANGSPE, helped stabilize the financial situation of “Soread 2M” by increasing its capital to 1.1 billion dirhams. Along the same lines, the implementation of an innovative scheme (OPCI and securitization) is in the pipeline.

Regarding the energy branch, the public Agency contributed to the overhaul of the tripartite State-ONEE-Masen convention, aimed at clarifying the roles of public actors in the sector.

In the financial, banking, and investment sector, a study is being launched by the ANGSPE. It aims to ensure the coherent and strategic restructuring of the public portfolio in the branch encompassing credit institutions, investment vehicles, and guarantee and investment support instruments. The public portfolio related to the logistics sector is also set to be restructured.

The Deadline of July 26, 2026

Public institutions engaged in commercial activities falling within the scope of the ANGSPE are required to be transformed into public limited companies (sociétés anonymes) by July 26, 2026, at the latest.

In line with compliance, draft laws relating to Ompic, Onhym, ONDA, and ANP aimed at their transformation into SAs have been introduced into the approval circuit.

It is important to add that other draft transformation texts have been finalized and are awaiting integration into the approval circuit, notably those concerning the Official Laboratory for Chemical Analysis and Research, the Municipal Equipment Fund, and the National Ports Office.