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Join on Telegram Rabat – The International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) – both part of the World Bank Group – have forged a significant partnership with Tanger Med to boost Morocco’s strategic position as a global trade hub.
This partnership seeks to enhance the truck and passenger terminal at Tanger Med, the foremost container port in the Mediterranean and Africa, while solidifying Morocco’s position as a key hub for both regional and global trade.
Strategically located at the Strait of Gibraltar, Tanger Med connects with over 180 ports worldwide and in 2023, it served as a global logistics center, handling more than 122 million tons of goods, 8.6 million twenty-foot equivalent units (TEUs), and 477,000 trucks.
The complex’s industrial and logistics zones support over 1,300 companies across various sectors, including aviation, textiles, automotive, and agri-food, generating more than $15 billion in business volume and creating 120,000 jobs that year.
To support this expansion, the IFC has granted a loan of approximately $210 million to Tanger Med, which includes about $50 million from its Joint Portfolio Loan Program. This financing represents the first project in Morocco tied to sustainability indicators and is among the first in the port sector in emerging markets globally, with key performance metrics focusing on gender diversity and renewable energy use.
Tanger Med: a gateway for trade and growth
“Tanger Med plays a vital role in Morocco’s imports and exports,” Loubna Ghaleb, a member of the Executive Board and Director of Strategy at the Tanger Med Group, was quoted as saying in a press release. “This project will significantly increase the port complex’s truck handling capacity, support export growth in the agri-food and industrial sectors, and strengthen trade ties between Morocco and Europe,” he continued.
Additionally, a consortium of international banks led by JP Morgan is providing a commercial loan of approximately $220 million. MIGA will also offer a 15-year guarantee against non-compliance with financial obligations, safeguarding lenders from losses due to any failures in meeting payment obligations by the public entity.
This financial arrangement is expected to boost the port’s capacity, increasing the number of trucks handled to over one million. In 2023, the port complex processed nearly 477,000 TIR units. The project is also anticipated to create direct jobs, stimulate economic growth, and enhance investor confidence in Morocco’s infrastructure sector.
“This marks our second financial non-compliance guarantee project in Morocco, aimed at enhancing port infrastructure,” stated Hiroshi Matano, MIGA’s Executive Vice President in the statement. He expressed optimism about extending similar products to other public enterprises in the country to boost productivity.
For his part, David Tinel, IFC’s regional representative for the Maghreb stated that the initiative “will strengthen Morocco’s position as a rapidly growing maritime and logistics hub, strategically positioned to connect major markets in Europe, Africa, and the Americas.”
Tinel anticipates that it will attract additional investment in Morocco’s infrastructure sector, capitalizing on major opportunities as the country prepares to co-host the 2025 Africa Cup of Nations and host the 2030 FIFA World Cup.
Sustainability and gender diversity in focus
As Africa’s and the Mediterranean’s premier container port, Tanger Med provides direct maritime links to 180 ports across 70 countries. The Tanger Med Group is committed to promoting gender diversity through programs designed to capitalize on women’s access to leadership roles, aiming to increase the representation of female executives.
In alignment with its strategy to become a clean energy hub and its decarbonization plan, Tanger Med intends to boost the share of green electricity generated from solar and wind sources. The expansion will also implement measures to mitigate climate risks, including elevating breakwaters and quays to combat rising sea levels and extending quays to accommodate larger, less polluting vessels.
This new chapter will not only bolster Morocco’s commercial capabilities and regional connectivity but also create positive ripple effects across multiple economic sectors. Additionally, the project is in line with MIGA’s strategy to support resilient infrastructure and foster regional integration.
For over 60 years, the IFC has been active in the Maghreb region, partnering with public and private entities to support small businesses, manufacturers, agro-industries, infrastructure, and the financial sector. Over the past three fiscal years, IFC has invested and mobilized $1.5 billion in the region to promote sustainable economic development.
As the largest development institution in the world focused on the private sector in emerging markets, IFC operates in more than 100 countries, channeling its capital, expertise, and influence to create markets and opportunities in developing nations.
In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in these countries, leveraging private sector solutions and mobilizing private capital to work towards a world without poverty while ensuring a livable planet.
