Morocco’s largest seaport, Tanger-Med, is planning an expansion worth €650 million ($714 million), Asharq Business reported on Monday.
According to a disclosure document provided by Multilateral Investment Guarantee Agency (MIGA), an affiliate of the World Bank, the expansion will help the seaport increase its capacity of both passenger and vessel terminals, and upgrade its imports area.
The port’s subsidiary, Tanger-Med Port Authority, is seeking to gather €350 to fund a part of the project’s capital expenditure. Of this amount, €100 million comes as a loan provided by the International Finance Corporation (IFC), and around €255 million will be provided as commercial loans with avail for warranty by the MIGA.
The port is situated on the Strait of Gibraltar north of Morocco and is a logistical zone connecting over 180 seaports across the globe having the capacity of nine million containers.
In 2023, the port handled around 107 million tonnes, with an increase of around six per cent on yearly basis. This amount represents around 54 per cent of the total cargo handled in Moroccan ports.
The seaport includes merchandise ports, as well as passenger ports, and various economic zones, and is being regulated by the Tanger-Med Special Agency (TMSA).
