EIB, Morocco''s TMSA sign ¤200 mn loan agreement

The European Investment Bank (EIB) and Tanger Med Special Agency (TMSA) signed, on Thursday in Tangier, a 200-million Eu loan agreement to finance the extension works of the Tanger Med Port Complex

Tangier - The European Investment Bank (EIB) and Tanger Med Special Agency (TMSA) signed, on Thursday in Tangier, a 200-million Euro loan agreement to finance the extension works of the Tanger Med Port Complex

    The agreement was signed by the president of TMSA, Taoufiq Ibrahimi, and the Vice President of The European Investment Bank in charge of the Facility for Euro-Mediterranean Investment and Partnership (FEMIP), Philippe de Fontaine.

    It aims to provide financial support to the construction of Tanger Med II, through a long-term loan.

    With the Tanger Med II port, the container handling capacity of the Tanger Med Complex will rise from 3 to 8 million TEU (twenty-foot equivalent unit), through notably the construction of two new container terminals (TC3 and TC4), a communiqué of the EIB said.

    Upon completion, the new port will create 5000 additional direct jobs and 20,000 indirect ones.

    The project will be built in line with the recommendations of the environmental impact studies conducted by TMSA and approved by the EIB, which included them in the loan''s terms, the same source indicated.

MAP