Tanger Med Port Complex (TMPC)

Project Description:

Tanger Med Port Authority (“TMPA”) is a Moroccan state-owned enterprise in charge of the management and development of the Tanger Med Port Complex (“TMPC”) located in the Strait of Gibraltar. It is the leading container port in Africa and the Mediterranean benefiting from a strategic location with direct maritime connections across the globe. TMPC is the leading container port in Africa and the Mediterranean benefiting from a strategic location with direct maritime connections of more than 180 ports and 70 countries. It has consolidated its leading position as the number one port in Africa and the Mediterranean with global throughput of over 100 million tons and over 7 million containers Twenty-Foot Equivalent Units (TEUs).

TMPA has embarked on a EUR 650 million (US$ 714 million) investment plan mainly focused on extending the capacity of its passenger and truck terminal and modernizing its zone of imports (“the Project”). TMPA seeks to raise EUR 350 million (US$ 384 million) in debt financing, to fund the capex expansion for the Project. The financing package comprises an IFC A Loan of up to EUR100 million (US$ 110 million) and commercial loans of up to EUR 255 million (US$ 274 million) benefitting from MIGA’s Non-Honoring of State-Owned Enterprise (NHSOE) cover.

MIGA has been requested by J.P. Morgan Chase Bank N.A., London Branch of the United Kingdom, to cover its loans of up to EUR 255 million (US$ 274 million) (“the Loan”), to finance the Project, subject to all relevant internal approvals. The MIGA guarantee is expected to have a tenor of up to 15 years against the risk of NHSOE, covering up to 95% of TMPA’s payment obligations under the Loans.

 Environmental Categorization:

This is a joint project with International Finance Corporation (IFC); in accordance with MIGA AIP, the MIGA disclosure is linked to IFC disclosure. Click here to view the Environmental and Social Review Summary prepared by the IFC for their proposed support to the project.

Development Impact:

The Project is expected to improve access by increasing TMPC’s container handling capacity through the expansion of the truck terminal of up to 1 million truck units. Approximately 57% of the capacity for Tanger Med Passenger and Ro-Ro terminal is already utilized. The planned expansion will culminate in 13% capacity growth for the truck terminal by 2029 and 43% growth by 2032. The Project has meaningful potential market development effects through enabling improvements in international connectivity. It’s expected to enhance the port’s service offering, including improving the efficiency in the trucks, vehicles, and passengers share.