This ambitious €400 million financing package, which includes a €197 million sustainability-linked loan from IFC and €203 million from a consortium of international banks led by JP Morgan, aims to solidify Morocco’s standing as a key player in regional and global trade.

The project is set to substantially boost Tanger Med’s capacity, with a goal to handle over 1 million trucks annually, a nearly twofold increase from the 477,000 trucks processed in 2023.

This financing arrangement represents Morocco’s inaugural sustainability-linked loan and is one of the pioneering deals in port infrastructure across emerging markets.

Among its sustainability objectives, the expansion focuses on increasing gender diversity and incorporating renewable energy into its operations.

Loubna Ghaleb, Board Member and Director of Strategy at Tanger Med Group emphasized the port’s vital role in Morocco’s trade dynamics, stating that the expansion will facilitate higher truck capacity, support export growth in agribusiness and industrial sectors, and strengthen Morocco’s trade connections with Europe.

MIGA’s involvement includes a non-honoring guarantee on the commercial loan, which provides up to 15 years of protection for lenders if the state-owned enterprise fails to meet its financial obligations. This ensures investor confidence and promotes further investment.

David Tinel, IFC’s Regional Manager for the Maghreb, highlighted the port’s strategic significance, noting that the project positions Morocco as a global logistics hub linking Europe, Africa, and the Americas.

He also mentioned that the expansion would attract additional investment in Morocco’s infrastructure, particularly as the country prepares for the 2025 Africa Cup of Nations and 2030 FIFA World Cup.

As Africa’s leading container port with links to 180 ports across 70 countries, Tanger Med is committed to advancing sustainability and gender equity.

Plans include increasing green energy use from solar and wind sources and enhancing climate resilience by elevating breakwaters and extending quays to support larger, eco-friendly vessels.

A focus on gender diversity is also integral to the expansion, with efforts to boost female representation in management positions.

Tanger Med’s extensive logistics zones host over 1,300 companies across sectors such as aeronautics, textiles, automotive, and agribusiness.

In 2023, these zones will generate a business volume of over USD 15 billion and support approximately 120,000 jobs.

The expansion is expected to foster job creation, boost economic development, and enhance Morocco’s trade networks.

With a prize pool of up to US$55,000, this competition offers a significant boost for entrepreneurs aiming to make an impact across the continent through innovative solutions to pressing challenges.

The New Venture Competition is part of the annual Africa Business Conference, scheduled for February in Boston, and is hosted by the Africa Business Club, a student-run organization at Harvard Business School.

The event serves as a premier platform for showcasing the achievements of African entrepreneurs and fostering meaningful dialogue about the continent’s business landscape.

Each year, the conference attracts global investors, industry experts, and innovators who are keen to explore Africa’s burgeoning entrepreneurial ecosystem.

This year, ten promising startups will be chosen to attend the event as finalists, where they will pitch their business ideas to a panel of seasoned judges, including investors, successful entrepreneurs, and industry veterans.

These selected finalists not only have the chance to win up to US$55,000 in cash prizes but also gain invaluable feedback from a global panel with diverse expertise.

The competition provides these startups with an opportunity to refine their strategies and gain exposure to a global audience.

In recent years, Africa has seen a dramatic rise in startup activity, particularly within fintech, e-commerce, healthcare, and renewable energy sectors.

This growth aligns with a surge in venture capital interest, with investors increasingly viewing African markets as ripe for innovation and high-impact solutions.

The New Venture Competition aims to support this growth, showcasing Africa’s entrepreneurial talent and encouraging investment in transformative solutions across the continent.

Applications for the competition are open until November 12.

African startups with innovative solutions and ambitious goals are encouraged to apply, capitalizing on this unique opportunity to connect with a global network, gain expert insights, and compete for prizes that could significantly impact their growth and scalability.

Interested startups can apply here.

This long-term partnership intends to elevate the digital banking experience for individuals and businesses throughout East Africa.

A central focus of the collaboration will be to deliver innovative, secure, and user-friendly payment solutions.

Mastercard and DTB also plan to introduce passive payment wearables powered by tokenization, making Kenya the first in the region to implement this contactless payment technology.

Developed with Tappy Technologies, these new tokenization-based payment wearables enable consumers to make secure, tap-to-pay transactions using wearable devices at any compatible point-of-sale terminal.

Tokenization replaces sensitive payment information with encrypted tokens, ensuring secure transactions by safeguarding cardholder data.

“We are thrilled to collaborate with Diamond Trust Bank and Tappy Technologies to launch these game-changing innovations,” said Mark Elliott, Division President for Africa at Mastercard.

“By combining our expertise in digital payment solutions with DTB’s strong market presence, we are enhancing the banking experience and providing customers with more secure and convenient ways to pay. This collaboration underscores our commitment to driving digital transformation and financial inclusion across East Africa.”

The partnership marks a significant milestone in digital transformation efforts within the region, enhancing the convenience and security of everyday transactions through advanced payment technology.

This initiative aligns with Visa’s ambitious $1 billion commitment to support Africa’s digital economy by 2027.

The chosen startups – Oze, Workpay, OkHi, and ORDA – are tackling distinct challenges within the continent’s financial landscape.

Ghana-based Oze, one of the four, provides digital tools and embedded finance products tailored for small and medium enterprises (SMEs).

Oze’s offerings include a machine-learning-powered loan management system designed to streamline operations for financial institutions. =

Meanwhile, Kenya’s Workpay provides cloud-based HR and payroll solutions, extending its services to 35 African nations.

Nigeria’s OkHi offers a digital address verification system, and ORDA, also with a strong presence across Nigeria, Kenya, and South Africa, has developed cloud-based management software used by over 1,500 restaurants.

“These investments demonstrate Visa’s dedication to fostering innovation in Africa,” stated Godfrey Sullivan, Senior Vice President of Products, Partnerships, and Digital Solutions at Visa CEMEA.

“By supporting these remarkable fintech entrepreneurs, we’re working together to shape the future of digital payments on the continent.”

Launched in 2023, Visa’s Africa Fintech Accelerator has already empowered 45 startups through a robust 12-week curriculum that includes training, mentorship, and networking.

The accelerator’s third cohort began today in Abidjan, gathering 20 new digital innovators. More than just financial support, Visa’s involvement provides strategic guidance and credibility for these startups.

Workpay’s CEO, Paul Kimani, highlighted the importance of Visa’s backing: “Visa’s support pushes us closer to our goal of delivering innovative solutions and enhancing backend processes across Africa.”

The program has attracted attention from major tech firms, with Amazon Web Services (AWS) offering free cloud resources to participants.

The second cohort of startups is preparing for a Demo Day on December 2 in Cape Town, where they will present to venture capitalists, angel investors, and potential business partners.

Visa has hinted that additional investments and partnerships with program graduates are in the pipeline, signaling a bright future for Africa’s fintech landscape.