Morocco, Maersk-Akwa Holding sign convention on Tangier-Med container terminal concession
Morocco, Business, 1/27/2005

Moroccan Prime Minister, Driss Jettou, chaired, in Rabat Wednesday, the signing of a convention, between Tangier Mediterranean Special Agency (TMSA) and Maersk-Akwa holding, on the concession of the first Tangier Med container terminal.

The concessionaire pledges under the convention to take in charge investments related to design, funding, acquisition, maintenance, the port's superstructure and equipment.

It also commits to invest 120 million euros by the year 2007, reaching 150 million euros by the year 2010, and to pay monthly fees which total amount, discounted on the overall duration of the concession (30 years), exceeds 100 million euros.

Besides, the concessionaire guarantees, starting from the first years of exploitation, that a large proportion of the terminal capacity (1.5 million TEU) will be used.

The Maersk group, that will hold 90 percent of stakes in the concessionaire company, is the first ship owner in the world, with a fleet of more than 250 vessels, totalling a loading capacity of more than 12 million TEU.

The developer of Tangier-Med program "TMSA" and the State committed, according to the terms of the convention, to link the terminal to energy distribution networks, and to connect the port to the national highway and railway network.

The Tangier-Med port is a "concrete expression of Morocco's resolve to open up on international trade, liberalize its economy and get closer to Europe," the Moroccan premier pointed out, underlining that King Mohammed VI wants to make of the northern region of Morocco a development focal point in the country.

The Tangier-Mediterranean Port is expected to speed up economic growth in the northern part of the Kingdom. Located at the crossroads of important sea lanes and also at the gateway between Africa and Europe, The Tangier-Mediterranean port project consists of the construction of a deep-sea harbour and logistics, industrial, commercial, and tourists zones.

The project, according to its promoters, emphasizes the liberal and open economic policy of Morocco, by creating new jobs especially through attracting private investments to the free zones.

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