Morocco : Tanger Med Port, the momentum of the truck and passenger terminal extension project

The aim of this partnership is to expand the truck and passenger terminal and consolidate Morocco’s strategic position as a hub for regional and global trade. Tanger Med is the leading container port in the Mediterranean and Africa. It is a global logistics hub, strategically positioned on the Strait of Gibraltar and connected to over 180 ports worldwide. In 2023, the complex handled over 122 million tonnes of goods, 8.6 million TEU containers and 477,000 trucks.

IFC’s loan to Tanger Med of around $215 million (CFAF 129 billion), including $51 million (CFAF 30 billion) through its Joint Lending Portfolio Program, represents the first financing linked to sustainability indicators in Morocco, and one of the first in the port sector in emerging markets worldwide. Key performance indicators attached to the loan include gender diversity and the use of renewable energies.

At the same time, a group of international banks led by JP Morgan is supporting the project with a commercial loan of 221 million dollars (132 billion FCFA). MIGA provides these lenders with a 15-year guarantee against default on their financial obligations. This guarantee covers losses arising from a public company defaulting on its payment obligations.

This is our second financial default guarantee project in Morocco, and it will contribute to the improvement of port infrastructure,” says Hiroshi Matano, Executive Vice President of MIGA.  MIGA plans to offer this type of product to other state-owned companies in the country to boost their productivity,

he adds.

This financing structure should increase the port’s capacity to handle more than a million trucks, compared with the 477,000 TIR units handled in 2023, according to IFC data. The project is also expected to generate direct employment, stimulate economic growth and boost investor confidence in Morocco’s infrastructure sector.

Tanger Med plays an essential role in Morocco’s imports and exports. This project will considerably increase its truck handling capacity, support export growth in the agri-food and industrial sectors, and strengthen trade between Morocco and Europe, 

emphasizes Loubna Ghaleb, member of the Executive Board and Director of Strategy for the Tanger Med Group.

As the leading container port in Africa and the Mediterranean, Tanger Med provides direct connections to 180 ports and 70 countries. As part of its strategy to become a clean energy hub, Tanger Med plans to increase the share of green electricity (solar and wind) in its energy mix, and to adopt measures to reduce climate risks. These include raising breakwaters and quays to counter rising water levels, and lengthening quays to accommodate larger, less polluting ships.

This project will reinforce Morocco’s position as a fast-growing global maritime and logistics hub, ideally located to connect major markets in Europe, Africa and the Americas, and we hope it will spur further investment in Moroccan infrastructure as the country prepares to co-host the 2025 African Cup of Nations and host the FIFA World Cup in 2030,

explains David Tinel, IFC regional representative for the Maghreb.

The Tanger Med industrial and logistics zones are home to over 1,300 companies operating in sectors such as aeronautics, textiles, automotive and agrifood, with a business volume of over $15 billion by 2023, and the creation of 120,000 jobs. This expansion will increase Morocco’s regional connectivity and enhance its trade capacities, with beneficial effects in various sectors of the economy. The project is also part of MIGA’s strategy to support resilient infrastructure and promote regional integration.