TMPA Facility (IFC-45517)

Regions
  • Middle East and North Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Morocco
Geographic location where the impacts of the investment may be experienced.
Specific Location
Tanger Med port complex, Tanger
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
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
Mar 4, 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
Tanger Med Port Authority SA
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Industry and Trade
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 214.17 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 150
Converted using 2023-12-20 exchange rate.
Loan Amount (USD)
$ 214.17 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.
Project Cost (USD)
$ 492.50 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 450
Converted using 2023-12-20 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Dec 29, 2023

Disclosed by Bank Dec 20, 2023

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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 the IFC, the proposed investment consists of (i) an IFC A loan of up to EUR 150 million, and (ii) mobilization of up to the Euro equivalent of US$50 million in the form of a Trust Loan provided under IFC’s Managed Co-Lending Portfolio Program, to support Tanger Med Port Authority (TMPA). IFC proceeds will only finance the extension of the passenger and truck port (PTP). TMPA is a state-owned enterprise responsible for the construction and maintenance of the infrastructure of the Tanger Med Port Complex, which has been in operation since 2007. TMPA has concessioned the operations of all container terminals to private and state-owned operators but operates the passenger and truck terminals directly. The IFC-financed project will cover a total area of 62.92 ha, which is 6.3% of the current footprint of the Tanger Med Port Complex of over 1,000 ha, and it will be limited to the operations of the PTP. The EPC contractors are still being selected and construction is expected to start at the end of 2023 and be completed at the end of 2026.

The extension of the Tanger Med passenger and truck port will see the development of 12 berths and 86 ha of land. TMPA is seeking to increase its truck capacity to over 1 million units.

The Project is located within the Tanger Med port complex, about 40 kilometers from the city of Tangier, in northern Morocco.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the IFC, Tanger Med Port Authority (TMPA) is a Moroccan state-owned enterprise in charge of the management and development of the Tanger Med port located in the Strait of Gibraltar, with a current handling capacity of 9 million containers. 

TMPA is 100% controlled by the state of Morocco via the following shareholders: holding company Tanger Med Special Agency (TMSA) (57.8%), Fipar Holding (17.1%), Ministry of Finance (12.4%), Prev Invest (10.5%), and Hassan II Fund for Economic and Social Development (2.3%).

TMSA is a public limited company 87.5% owned by Hassan II Fund for Economic and Social Development, 12.4% by the Ministry of Finance, and 0.1% by Caisse de Depot et de Gestion, a state-owned financial institution. It oversees the development, planning and management of the Tanger Med industrial and port complex through its various subsidiaries. TMSA has also developed over 2,000 hectares of economic activity zones which accommodate more than 1,100 companies in the automotive, aeronautics, textile, agriculture, food and logistics sectors.

Fipar Holding is a private equity firm and subsidiary of Caisse de Depot et de Gestion, a Moroccan public financial institution responsible for managing long-term savings.

Prev Invest is owned by Regime Collectif d'Allocation de Retraite, one of the largest pension funds in Morocco.

Hassan II Fund is a Moroccan sovereign wealth fund established to support investments in infrastructure.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Fipar Holding Investor Finance invests in Tanger Med Port Authority Client Infrastructure
Prev Invest Investor Finance invests in Tanger Med Port Authority Client Infrastructure
Tanger Med Special Agency Investor Law and Government invests in Tanger Med Port Authority Client Infrastructure

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.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Client - Tanger Med Port Authority:

Mr. Hassan Abkari - Managing Director
Phone: +212 (0) 539 33 70 00
Address: Ksar El Majaz Free Zone, Oued R’mel Commune Anjra, Fahs Anjra province
Website: https://www.tangermedport.com/en/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

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

How it works

How it works