The International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), both arms of the World Bank Group, announced a landmark partnership with Morocco’s Tanger Med to expand its truck and passenger terminal. This ambitious project is set to enhance Morocco’s role as a global trade hub, with a focus on sustainability and infrastructure resilience.
IFC has granted a €197 million loan to Tanger Med, marking Morocco’s first financing tied to sustainability indicators—a pioneering move for the port sector in emerging markets. Out of this, €47 million will come through IFC’s Portfolio Loan Program, specifically aimed at projects meeting green benchmarks. In parallel, an international banking consortium led by JP Morgan has pledged an additional €203 million through a commercial loan, safeguarded by MIGA, which will cover potential defaults over a 15-year span.
By protecting investors from financial risks, MIGA’s guarantee is a vital safety net, allowing the project to progress and attract further funding. According to IFC, these investments will raise Tanger Med’s capacity significantly, enabling the port to handle over one million trucks annually, creating direct jobs, boosting economic growth, and fortifying investor confidence in Morocco’s infrastructure sector.
“Tanger Med is a key player in Morocco’s import-export activity. This expansion will amplify the port’s truck-handling capabilities, supporting growth in agribusiness and industrial exports and strengthening trade ties between Morocco and Europe,” said Loubna Ghaleb, Director of Strategy at Tanger Med Group.
Echoing these sentiments, Hiroshi Matano, MIGA’s Executive Vice President, noted that this is MIGA’s second financial guarantee project in Morocco. He emphasized that MIGA aims to deploy similar guarantees with other public companies across Morocco to boost productivity and infrastructure development.
David Tinel, IFC’s Regional Representative for the Maghreb, highlighted the project’s broader implications: “This will fortify Morocco as a fast-growing maritime and logistics hub, strategically positioned to connect major markets across Europe, Africa, and the Americas.” Tinel further predicted that the expansion could attract additional infrastructure investments, especially as Morocco prepares to host the 2025 Africa Cup of Nations and the 2030 FIFA World Cup.
As Africa’s and the Mediterranean’s largest container port, Tanger Med connects directly to 180 ports across 70 countries. In its future development plans, Tanger Med Group is also committed to advancing gender diversity, aiming to bring more women into leadership roles through tailored programs for female professionals.
Aiming to lead the way in clean energy, Tanger Med is incorporating green measures into its development strategy. Plans include a substantial increase in renewable energy sources, such as solar and wind power, as part of a broader decarbonization commitment. Infrastructure upgrades, like reinforced breakwaters and elevated quays, are also in progress to mitigate climate risks, while longer quays will accommodate larger, less polluting ships.
This expansion is set to bolster Morocco’s commercial reach and regional connectivity, creating ripple effects that will positively impact multiple economic sectors. It aligns with MIGA’s strategic goals to support resilient infrastructure and promote regional integration, ensuring Tanger Med’s place as a pillar of sustainable trade for years to come.
