THE Municipal Equipment Fund (FEC) recorded a strong increase in its loan disbursements in the first quarter of 2026. At the end of March, these reached 608 million dirhams (MDH), more than double the level recorded at the same period of the previous year. THE loan commitments stood at MAD 779 million at the end of the first quarter, up more than 10% year-on-year. According to the FEC, this development reflects the dynamics of investments made by territorial actors in recent years.
At the same time, the customer receivables increased by 1.4% over one year to exceed 27 billion dirhams. The Fund indicates that it is pursuing a responsible investment approach through the financing of projects with a socio-economic impact that meet environmental and social (E&S) requirements. This orientation is based in particular on the integration of environmental, social and climate (ESC) risks into risk management systems and financing decision-making processes.
THE FEC also highlights the deployment of its Environmental and Social Management System (ESMS)inspired by international standards and part of a logic of continuous improvement. All of the projects undertaken fall into categories “C and D” of the E&S rating grid, corresponding to the most controlled risk profiles according to international standards. The FEC believes that this development supports its strategy aimed at a portfolio with a controlled environmental and climate footprint.
Financially, the net banking income (NBI) stands at 166 MDH at the end of the first quarter of 2026, at a level comparable to that recorded a year earlier. This development mainly includes the reduction in interest rates applied by the FEC to loans granted to local authorities in 2025.
The Fund is also continuing its strategy of mobilizing resources at competitive conditions on the national and international financial markets in order to improve the financing conditions offered to its customers.
Tier One equity, for its part, reached 5.67 billion dirhams at the end of March 2026.
