The World Bank’s IFC (International Finance Corporation) and MIGA (Multilateral Investment Guarantee Agency), along with international banks, have partnered with Morocco’s Tanger Med Port to expand its truck and passenger terminal, the IFC said Monday. The IFC supports private sector growth in developing regions, offering funding to stimulate economic development, while MIGA provides guarantees against political risks to encourage foreign investment.
This project includes Morocco’s first sustainability-linked loan, with €197 million from IFC and a €203 million commercial loan led by JP Morgan, backed by MIGA. These funds will double the port's truck capacity to over 1 million units annually, creating new jobs and attracting further investment in Morocco’s infrastructure.
Tanger Med, Africa’s largest container port with connections to 180 ports worldwide, is also set to become a clean energy hub, increasing its use of solar and wind energy. The expansion will strengthen Morocco’s position as a trade gateway between Europe, Africa, and the Americas.
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