The International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), both World Bank Group members, are partnering with Tanger Med Port Complex to expand its truck and passenger terminal. This €400 million financing package, which includes a €197 million sustainability-linked loan from IFC and €203 million from a pool of international banks led by JP Morgan, aims to enhance Morocco’s position as a major regional and global trade hub.
This project will significantly increase the port’s truck handling capacity, targeting over 1 million units, nearly doubling the 477,000 trucks processed in 2023. The loan also represents Morocco’s first sustainability-linked financing and one of the first in emerging market port sectors globally. Key sustainability goals include expanding gender diversity and renewable energy use in operations.
Loubna Ghaleb, Board Member and Director of Strategy at Tanger Med Group, remarked, “Tanger Med plays a pivotal role in Morocco’s imports and exports. This expansion will boost the port’s truck capacity, aid export growth in agribusiness and industry, and deepen trade links between Morocco and Europe.”
MIGA is supporting this project by providing a non-honoring guarantee for the commercial loan facility. This coverage, available for up to 15 years, protects lenders if a state-owned enterprise cannot fulfill financial obligations, ensuring stability for investors and encouraging additional investment.
David Tinel, IFC’s Regional Manager for the Maghreb, said, “This project strengthens Morocco as a global logistics hub connecting Europe, Africa, and the Americas. We expect it will also attract more investment in Morocco’s infrastructure, particularly as the country prepares for the 2025 Africa Cup of Nations and 2030 FIFA World Cup.”
Enhancing Sustainability and Gender Diversity
Tanger Med, Africa’s top container port with maritime links to 180 ports across 70 countries, is committed to advancing sustainability and gender diversity as part of its operations. The port’s expansion includes plans to increase green electricity usage from solar and wind sources. Furthermore, to support resilience against climate change, the project involves elevating breakwaters and extending quays to counter rising sea levels and accommodate larger, lower-emission vessels.
Gender diversity will also be prioritized, with targets to increase the number of women in managerial roles. These efforts align with Tanger Med’s mission to support inclusive, sustainable growth.
Boosting Morocco’s Economic Development
Supported by extensive industrial and logistics zones, Tanger Med is home to over 1,300 companies spanning sectors like aeronautics, textiles, automotive, and agribusiness. In 2023, the port generated over USD 15 billion in business volume, supporting up to 120,000 jobs.
The investment in Tanger Med is expected to stimulate job creation and economic growth, reinforcing Morocco’s strategic position in regional trade networks. MIGA’s Executive Vice President Hiroshi Matano stated, “We hope to use this model with other state-owned enterprises to enhance productivity in Morocco’s infrastructure sector.”
IFC’s involvement in the port complex reflects its commitment to sustainable economic development in the Maghreb. Over the past three years, IFC has invested $1.5 billion in the region, supporting projects that drive growth across various sectors, including small businesses, infrastructure, and agribusiness.
By scaling up Tanger Med’s capabilities, Morocco aims to strengthen its role as a critical link in global supply chains, attracting further international investment while enhancing economic ties across continents.
