Africa

Mustapha Farès takes Morocco's green-port plan to the debt market without a state guarantee

A €100 million AFD loan will finance southern ports, electrification and desalination, leaving the National Ports Agency responsible for repayment over thirteen years.

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Morocco's National Ports Agency has secured a €100 million loan from the French Development Agency for its investment programme through 2030. Director General Mustapha Farès signed the thirteen-year financing package, which carries no sovereign guarantee and therefore places repayment responsibility directly on the port agency.

The funds will support conventional port infrastructure alongside renewable energy, desalination, fishing-port modernisation, decarbonisation and shore-side electricity. Electrified quays can reduce emissions from vessels running auxiliary engines while berthed, but require compatible ships, grid capacity and tariffs that encourage operators to connect.

Six southern locations receive particular attention: Tan-Tan, Tarfaya, Laâyoune, Boujdour, Dakhla and Lamhiriz. The programme is intended to improve surrounding economies and strengthen Morocco's Atlantic position, including a longer-term ambition to capture transit cargo from landlocked Sahel states.

The commercial base is expanding. Moroccan ports handled 262.6 million tonnes of cargo in 2025, up 8.9 per cent, while Tanger Med processed 10.3 million containers, a 7.9 per cent rise. Strong volumes help the agency service debt, though new projects must generate their own durable traffic.

Farès signed alongside AFD's Morocco director Catherine Bonnaud, extending cooperation that began in 2012. Earlier financing supported structural resilience, energy efficiency and protection against marine pollution and rising sea levels, making climate adaptation part of the port system's capital programme.

The loan complements larger construction elsewhere, including the opening of Nador West Med and the concession for Tanger Med 3, designed to add 4.5 million containers of annual capacity. Those projects increase scale but also raise the importance of inland rail, roads and reliable logistics services.

The non-sovereign structure is a useful discipline only if revenues and project selection remain transparent. Farès must balance regional development with cash flow sufficient for repayment. Successful ports will need shipping clients, environmental safeguards and local economic links, not simply upgraded concrete and equipment.