In a landmark announcement on November 4, 2024, IFC (International Finance Corporation) and MIGA (Multilateral Investment Guarantee Agency), two World Bank Group institutions, revealed a strategic partnership with Tanger Med Port Complex, leader in the Mediterranean and Africa. The aim is to expand the truck and passenger terminal, thereby strengthening Morocco’s position as a regional and global trade hub.
This project is receiving a €197 million loan from IFC, including €47 million from the Joint Loan Portfolio Program. This financing, one of the first in the emerging markets port sector to be linked to sustainability criteria, focuses on gender diversity and the integration of renewable energies as key performance indicators.
The project is also backed by a group of international banks led by JP Morgan, with a commercial loan of €203 million. At the same time, MIGA will offer a 15-year guarantee to lenders against any risk of non-fulfilment of financial obligations, an initiative that reinforces investment security.
This initiative should increase the Port’s capacity to handle over a million trucks a year, compared with 477,000 trucks units in 2023. In addition to expanding the terminal, the project will create new direct jobs and stimulate economic growth, contributing to the strength of Morocco’s infrastructure sector.
Loubna Ghaleb, Member of the Executive Board and Director of Strategy at Tanger Med Group, said: “This project will significantly increase truck handling capacity and support export growth in key sectors, such as agri-food and industry, while consolidating trade relations between Morocco and Europe.”
This partnership also represents an important step in the implementation of Tanger Med’s strategy to become a sustainable and resilient infrastructure model. As part of its decarbonization plan, the Port is committed to increasing the share of green electricity and taking measures to counter climate risks, such as raising breakwaters and quays to deal with rising sea levels.
Hiroshi Matano, Executive Vice-President of MIGA, added: “This financial default guarantee project is a first for Morocco, and will help improve port infrastructure while supporting the productivity of State-owned enterprises.”
David Tinel, IFC Regional Representative for the Maghreb, emphasized that “this project will strengthen Morocco’s position as a strategic maritime and logistics hub linking markets in Europe, Africa, and the Americas, while attracting new investments in Moroccan infrastructure.”
Tanger Med’s expansion project is a perfect fit with MIGA’s strategy to support resilient infrastructure and regional integration. This expansion will have a positive impact on several sectors of the Moroccan economy, consolidating the country’s position in international trade.
Finally, with major events such as the African Cup of Nations in 2025 and FIFA World Cup in 2030 looming on the horizon, this project reinforces Morocco’s ambitions on the world stage.
