Tanger Med Port Unveils $650 Million Expansion and Modernization Plan

Tanger Med Port Authority (TMPA) plans a major investment plan of around 7 billion DH (650 million euros), particularly for the expansion of the capacity of its passenger and truck terminal and the modernization of its import zone, the World Bank group said. In this regard, the Tanger Med group subsidiary plans to raise 350 million euros (3.8 billion DH) in loan financing. This fund will be used to partially cover the costs of its projects.

TMPA will benefit from the support of the International Finance Corporation (IFC, for the private sector) and the Multilateral Investment Guarantee Agency (MIGA), two World Bank institutions. Solicited by J.P. Morgan Chase Bank NA, London branch, United Kingdom, the IFC will grant it a loan of up to 100 million euros and MIGA commercial loans of up to 255 million euros through its mechanism for coverage against non-performance of financial obligations by a public company (NHSOE).

TMPA’s investment plan will improve the service offering of the port complex, in particular through the increase in the handling capacity of trucks to more than one million units, further strengthening its position as a major logistics hub, comments MIGA. The capacity of the truck terminal should grow by 13% by 2029 and by 43% by 2032. "The project has significant potential development effects by enabling improvements in international connectivity. It is expected to improve the port’s service offering, including efficiency in truck, vehicle and passenger sharing," MIGA notes.

Located on the Strait of Gibraltar, in the city of Tangier, Tanger Med is an industrial-port complex connected to more than 180 international ports. Its processing capacity can reach 9 million containers, 7 million passengers, 700,000 TIR trucks and 1 million vehicles.