Tanger Med Port Complex (TMPC) (MIGA-15089)

Countries
  • Morocco
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 11, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
JPMorgan Chase Bank, N.A, CaixaBank, S.A. Commerzbank AG
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 254.54 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 237
Converted using 2024-06-11 exchange rate.
Primary Source

Original disclosure @ MIGA website

Updated in EWS Jun 4, 2025

Disclosed by Bank Nov 12, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank provided information, on October 21, 2024, The Multilateral Investment Guarantee Agency ("MIGA") a member of the World Bank Group, issued a Non-Honoring of Financial Obligations by a State-Owned Enterprise ("NHFO-SOE") guarantee to Tanger Med Port Authority ("TMPA"), 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. TMPA 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 embarked on a EUR650 million investment plan mainly focused on extending the capacity of its passenger and truck terminal and modernizing its zone of imports. To this end, it raised EUR400 million of debt. While the MIGA backed facility accounted for EUR203 million of the total debt, IFC provided the remaining balance of EUR197 million from its own account as well as its Managed Co-Lending Portfolio Program (MCPP). The remainder of the CAPEX will be funded through equity contributions. MIGA's cover to J.P. Morgan Chase and participating banks (Caixa bank and Commerzbank) has a tenor of up to 15 years against the risk of NHSOE, covering up to 95% of TMPA's payment obligations under the facility agreement.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - JPMorgan Chase & Co Client Finance

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

*Contact information not provided at the time of disclosure*

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://www.miga.org/contact/access_to_information 

You can also request general information about MIGA and for information on guarantees by emailing: migainquiry@worldbank.org 

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org 

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