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26 Aug 2026

Bird & Bird advises Marsa Maroc, Boluda Towage France and West Med Towage on €36.5 million financing for Nador West Med

"Bird & Bird advised Marsa Maroc, Boluda Towage France and joint venture West Med Towage on a €36.5m financing to acquire and operate four tugboats and two pilot boats and to develop port infrastructure at Nador West Med. The Boluda–Marsa consortium secured a 20-year towage concession from Q4 2026. Lenders included Crédit du Maroc International, Attijariwafa bank and Attijari International Bank – Banque Offshore."

Bird & Bird advised Marsa Maroc, Boluda Towage France and West Med Towage in connection with a €36.5 million financing dedicated to the Nador West Med complex. The financing was arranged to support the acquisition and operation of four tugboats and two pilot boats, and to fund development of port infrastructure within the Nador West Med complex. The debt package of €36.5 million is intended to underpin the investments required for the concession’s exploitation, notably enabling the purchase of a fleet consisting of four tugs and two pilot boats, each with a bollard pull capacity of 80 tonnes. The overall fleet acquisition cost is approximately €45 million. Following an international tender launched by Nador West Med, the consortium formed by Boluda Towage France and Marsa Maroc was awarded the concession to provide towage and assistance services at the port of Nador West Med for a 20-year period, commencing in the last quarter of 2026. To operate the concession, the two partners established a joint subsidiary, West Med Towage, with a shareholding split of 51% for Boluda Towage France and 49% for Marsa Maroc. Crédit du Maroc International acted as arranger, initial lender, issuing bank for the initial bank guarantee, agent, intercreditor and security agent, and offshore account holder. Attijariwafa bank acted as arranger, Attijari International Bank – Banque Offshore as initial lender, and Crédit du Maroc as onshore account holder. Bird & Bird represented Marsa Maroc, Boluda Towage France and West Med Towage with a team composed by: Boris Martor, associate; Sébastien Hoff, counsel; Kenza Fradji, collaborator; and Edward Noakes, collaborator.
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