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Economy

Morocco's Tanger Med Port Launches $714 Million Expansion Supported by World Bank

Tuesday 09 January 2024 - 15:50

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Morocco's Tanger Med Port is set to undergo a substantial $714 million expansion, bolstered by funding from the World Bank, as it targets growth and enhanced global competitiveness. The state-owned Tanger Med Port Authority aims to extend capacity, modernize facilities, and solidify its position as a leading port in Africa and the Mediterranean.

In a strategic move, the World Bank has entered a debt financing agreement, contributing a $110 million loan and partial risk guarantees to encourage $274 million in private bank loans. The expansion project will prioritize the upgrading of passenger and truck terminals, along with import zones, to efficiently manage the rising influx of traffic at Africa's premier port.

Tanger Med has witnessed remarkable growth in recent years, handling over 100 million cargo tons across 7 million shipping containers in the previous year alone. Situated on the coast, the port boasts connections to 180 global ports and 70 countries, capitalizing on Morocco's proximity to lucrative European and African markets. Its expansion has not only strengthened regional shipping but has also positioned Morocco as a vital African trade hub.

The ambitious expansion plans are strategically aligned with Tanger Med's current momentum, utilizing support from the World Bank and private capital to unlock the port's full potential. Through improved passenger services, upgraded import zones, and increased cargo capacity, Tanger Med aims to consolidate its leadership position and aspires to rank among the world's top 20 ports within the next decade.