Supporting economic growth in Morocco with the extension of the Port of Tanger

CIB-Offshore is a subsidiary of Banque Centrale Populaire (BCP) Group in Morocco. Operating in 32 countries and with a total balance sheet of EUR 40.8bn and EUR 1.8bn of NBI at the end of 2020, Banque Centrale Populaire Group is one of the top ten African banks. BCP is one of PROPARCO’s main partners in Africa.

The project involves the allocation of a EUR 35m loan to CIB Offshore to finance the extension of the Port of Tanger, which is a real bridge between Europe and Africa. 

The Port of Tanger Med was launched in 2007 and has gradually become the main port facility in the Mediterranean and Africa. Tanger Med is connected to over 180 ports and 70 countries. It has state-of-the-art facilities which ensure the continuity of supply chains with port hubs such as Singapore, Rotterdam and Hamburg.

The Port of Tanger Med is currently in full expansion through the construction and operation of Tanger Med II and its Container Terminal n° 3 (CT3). This terminal has been financed by a consortium of Moroccan banks, including CIB Offshore. Proparco is refinancing CIB Offshore’s loan to CT3 with EUR 35m with a 16-year maturity.

The Port of Tanger Med has 6 activity areas and over 1,000 companies. It supports Morocco’s growth and the development of its North region. Africa and Europe account for the bulk of the container activity (36% and 35% of traffic, respectively).

The project will support more than 2,000 jobs over the next 5 years, including 1,300 job creations. It will contribute EUR 48.2m to Morocco’s GDP every year. This project will thereby contribute to the achievement of SDG 8 (Decent work and economic growth) and SDG 9 (Industry, innovation and infrastructure).