In a significant development for Morocco’s maritime industry, the Tangier Med Port is planning a major expansion worth €650 million ($714 million).
This move aims to enhance the passenger and truck terminal capacity and modernize the import area, as per a disclosure document from the Multilateral Investment Guarantee Agency (MIGA), part of the World Bank Group.
Strategically located on the Strait of Gibraltar in northern Morocco, Tangier Med Port serves as a vital logistics hub, connecting with over 180 ports worldwide.
With a current capacity to handle 9 million containers, it is managed by Tangier Med Special Agency (TMSA) and encompasses various ports for cargo, passengers, and multiple economic zones.
The port, operational since 2007, spreads across 5,000 hectares, including 2,500 hectares of developed economic zones. It hosts approximately 1,200 foreign companies, generating annual revenues close to $14 billion.
According to Ahmed Benis, General Manager of Economic Zones at Tangier Med, in a previous interview with Al-Sharq, the port is expected to enter the top 20 global ports list in the coming years, currently ranking 23rd worldwide.
To finance a portion of this expansion project, the port’s subsidiary, Tangier Med Port Authority, is seeking to raise €350 million.
This includes a €100 million loan from the International Finance Corporation (IFC), a World Bank entity, and commercial loans up to €255 million, leveraging the MIGA guarantee. J.P. Morgan Chase Bank in London has requested coverage for loans amounting to €255 million, with an expected 15-year guarantee duration covering 95% of Tangier Med Agency’s repayment obligations.
This investment is anticipated to significantly increase the port’s container handling capacity, expanding the truck terminal to accommodate up to one million units.
The port handled approximately 107 million tons of cargo last year, a 6% annual growth, accounting for 54% of the total throughput across Moroccan ports, according to the Ministry of Economy and Finance data.
This expansion not only underscores Morocco’s commitment to bolstering its maritime capabilities but also positions Tangier Med Port as a pivotal player in global maritime logistics.
