Morocco’s Tanger Med port complex has received over $400 million in funding to expand its truck and passenger terminal.
The International Finance Corporation (IFC) and a consortium of global banks are financing the project to boost the port’s truck handling capacity to over 1 million annually. Last year, the Tanger Med complex, which connects directly to 180 ports across 70 countries, managed 477,000 trucks.
Since its opening in 2007, Tanger Med has created 120,000 jobs and handled 8.6 million containers in the past year, reflecting a 13.4% increase from 2022.
According to Loubna Ghaleb, Tanger Med Group’s strategy director, the expansion will support Morocco’s export growth in the agribusiness and industrial sectors and strengthen trade ties with Europe.
David Tinel, IFC’s regional manager for the Maghreb region, added that the project could attract further investment in Morocco’s infrastructure sector, especially as the country prepares to co-host the 2025 Africa Cup of Nations and the 2030 FIFA World Cup.
The IFC is providing a sustainability-linked loan of up to $212 million, Morocco’s first of its kind, with an adjustable interest rate tied to meeting goals like gender diversity and renewable energy usage.
An international banking group led by JP Morgan will also issue a $219 million commercial loan, backed by a 15-year non-honoring guarantee from the Multilateral Investment Guarantee Agency, protecting lenders against repayment issues.
Tanger Med Group is committed to advancing gender diversity by promoting female representation in jobs and leadership and aims to boost green energy usage through solar and wind power.
The expansion will also address climate-related challenges by raising breakwater and quay levels to handle sea level rise and extending quays to accommodate larger, more eco-friendly vessels.
