Morocco’s Tangier Med Port is seeking EUR 350 mn in loans to fund expansion effort

Morocco’s Tangier Med Port is looking to raise EUR 350 mn in loans for a planned EUR 650 mn expansion to boost passenger andtruck terminal capacity, Asharq Business reports, citing a document issued by the World Bank’s Multilateral Investment Guarantee Agency (MIGA). The investment will be used to increase the port’s container handling capacity by boosting the truck terminal by 1 mn units.

What we know about the loans: Tangier Med Port — overseen by its subsidiary Tangier Med Port Authority — is looking to drum up EUR 100 mn loan from the International Finance Corporation (IFC) and some EUR 255 mn worth of commercial loans. JP Morgan Chase Bank in London has called for the World Bank agency to cover loans of up to EUR 255 mn for the project, with a guarantee period set to span for 15 months, and cover 95% of the Tangier Med Agency’s payment obligations.

About the port: Situated on the strait of northern Morocco, the port serves as a vital logistical hub that is linked to more than 180 ports around the world, with a container capacity of up to 9 mn.