Building Ports for Development
Ports are at the very heart of sustainable development.
Some 80 percent of global trade moves through the world’s ports. They connect countries to regional and global markets, they support industrial development and growth, and they generate millions of jobs worldwide. A well-functioning port creates a cascade of benefits for countries and entire regions.
Investments that expand and enhance ports increase global connectivity and improve economies and livelihoods of people involved in export and import businesses, shipbuilding, logistics, fisheries, tourism, energy, and many other industries.
Guarantees are well-suited to mitigate risks associated with investing in ports in emerging markets. In recent years MIGA has supported ports in developing economies, including in Morocco, Senegal, and Colombia.
Examples of MIGA-supported port projects
Morocco
In 2024, MIGA and IFC partnered with Tanger Med Port Complex, the leading industrial port complex in the Mediterranean, to expand the port’s truck and passenger terminal and strengthen Morocco’s strategic position as a hub for regional and global trade.
A MIGA guarantee covered the risk of non-honoring of debt obligations by a state-owned entity on a loan of €203 million by a group of international banks, while IFC provided an additional loan of €197 million.
The financing package is expected to increase the port’s truck capacity to more than 1 million units. The planned expansion will culminate in 13 percent capacity growth for the truck terminal by 2029 and 43 percent growth by 2032. The project also incorporates measures to mitigate climate risks, including raising the elevation of breakwaters and quays to counter sea level rise and extending the quays to accommodate larger, lower-emission vessels.
The port facility’s expansion will boost Morocco's trade capabilities and regional connectivity, with ripple effects across multiple sectors of the economy. The project also aligns with MIGA’s strategy to support resilient infrastructure and regional integration.
Senegal
In 2023, MIGA issued a guarantee of $550 million to a group of global banks for their loan to the government of Senegal to increase its ownership stake in DP World Dakar S.A., the container terminal operator at the port of Dakar and the future port of Ndayane, also known as the “Port of the Future.”
The port of Dakar occupies a strategic and vital place in the Senegalese economy, as the main foreign trade gateway for Senegal and a significant contributor to government revenues and GDP. The port sector also contributes to strengthening regional integration and trade facilitation within the West Africa region, with a significant portion of Mali’s imports passing through its facilities. This latest guarantee followed a guarantee of $99 million provided by MIGA in 2010 to modernize the existing container terminal at the port of Dakar.
The container terminal operations are anticipated to be instrumental in positioning Dakar as a strategic hub for regional goods transshipment, supported by enhanced capacity, state-of-the-art facilities, and improved operational efficiencies.
The new port of Ndayane is expected to create nearly 2,000 jobs, with tens of thousands more expected from the expanded trade resulting from this work. The MIGA guarantee supports this critical infrastructure project, expanding Senegal’s container handling capacity from 0.8 million in 2023 to 1.5 million 20-foot equivalent units once operation begins, and accommodating the world’s largest container vessels.
Colombia
In 2022, MIGA issued a guarantee to JPMorgan Chase Bank to cover a $103.7 million loan facility to a government-owned entity in Colombia to build and operate a privately managed port in the Gulf of Urabá in the country’s northwest region.
Currently, about 2 million tons per year of agricultural products (bananas, pineapples, and avocado, among others) are shipped out of the Gulf of Urabá without adequate infrastructure.
When the port is completed, at an estimated cost of $672 million, it will become the main outlet for banana and agricultural exports from Urabá. In addition, given the port’s location and expected savings in transportation costs for exporters, it is anticipated that the port will handle a major portion of cargo from Medellín, Bogotá, and their surrounding areas. The project is expected to generate over 1,200 direct jobs during construction, 700 direct jobs during the operation stage, and an estimated 14,000 indirect jobs.
