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Morocco’s Tanger Med Port Complex gets boost from the IFC, MIGA: World Bank subsidiaries the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) are providing up to EUR 400 in a sustainability-linked loan for Morocco’s Tanger Med Port Complex to boost the capacity of truck and passenger terminals at the port, according to a statement. This marks the first sustainability-linked loan for Morocco, and is among the first in the ports sector, the statement said.
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The breakdown: The IFC is providing a loan of up to EUR 197 mn for Tanger Med Port Complex, including some EUR 47 mn distributed under the IFC’s managed co-lending portfolio program. A JP Morgan-led pool of international banks is also supporting the project with a commercial loan of up to EUR 203 mn. MIGA is offering a non-honoring guarantee to cover lenders in the commercial loan facility — which protects against losses in case a state-owned company is unable to make a payment — for up to 15 years.
Key project target: The funding package is set to boost Tanger Med Port’s truck capacity to over 1 mn units — up from the 477k trucks handled in 2023 — to stimulate job creation, economic growth, and expand investor confidence.
What makes it sustainability-linked? The loan comes with KPIS around gender diversity and renewable energy, the statement said, without disclosing further details. .
Going green: The project will integrate measures to mitigate climate related risks, including boosting breakwater and quay elevation to counter sea level rise and extending quays to handle larger, lower-emission vessels.
About the port: Tanger Med Port offers direct maritime connectivity to 180 ports and 70 countries. The port was among the top 20 container ports in 2023, ranking nineteenth worldwide with 13.4% y-o-y growth in volumes in 2023. It handled some 8.6 mn TEUs throughout last year.
