The Moroccan port of Tanger-Med is gearing up for expansion with the aim of increasing the capacity of the passenger and truck station, and upgrading the import area. The intervention will cost 650 million euros and has been announced through a document issued by the Multilateral Investment Guarantee Agency (MIGA) of the World Bank

The maritime space, located in the Strait of Gibraltar, is a logistical hub connected to over 180 ports worldwide and has a capacity to accommodate 9 million containers.

The site, managed by the Tanger-Med Special Agency (TMSA), aims to raise 350 million euros to finance part of the intervention's cost, including 100 million euros in loans from the International Finance Corporation (IFC) of the World Bank, and commercial loans of up to 255 million euros with guarantees from the Multilateral Investment Guarantee Agency

5,000 hectares of land

Currently, Tanger-Med is an economic center spanning 5,000 hectares, hosting around 1,200 foreign companies generating annual revenues of up to 14 billion dollars

With the implementation of these improvements, the aim is for this space to lead the list of the 20 largest ports in the world in the coming years

According to the issued document, the MIGA Agency received a request from the London-based JPMorgan Chase Bank to cover loans of up to 255 million euros to finance the project, and the payment guarantee is expected to have a duration of 15 years, covering 95% of the payment commitments

The new investment is expected to contribute to increasing the port's capacity to handle containers by expanding the truck station to one million units. These expansions will help modernize and enhance the port

Article source: elfarodeceuta