Morocco’s Tanger Med Port has secured two loans totaling €400 million ($436 million) to fund an expansion of its truck and passenger terminal from the World bank Group and international banks. 

The financing package is expected to increase the port’s truck capacity to more than 1 million units, the International Finance Corporation (IFC) said in a press statement. In 2023 Tanger Med Port Complex handled 477,000 trucks.

IFC’s loan of up to €197 million (including €47 million provided under IFC’s Managed Co-Lending Portfolio Programme) to Tanger Med will be the first sustainability-linked loan in Morocco and among the first in the port sector in emerging markets globally.

Key performance indicators associated with the loan include gender diversity and renewable energy, the IFC statement said.

A pool of international banks led by JP Morgan are supporting the project with a commercial loan of up to €203 million. A non-honouring guarantee from MIGA will cover lenders in the commercial loan facility for a period of up to 15 years, the statement noted.

 Morocco is on an infrastructure expansion drive as the North African country gears up co-organise the 2025 Africa Cup of Nations and host the 2030 FIFA World Cup.

(Writing by Majda Muhsen; Editing by Anoop Menon)

(anoop.menon@lseg.com)