Equatorial Guinea Signs Port Operation Agreement with Albayrak Group

An important cooperation agreement was signed on November 13, 2022, entrusting the operation of Equatorial Guinea’s Malabo and Bata Ports to Turkey’s Albayrak Group. The agreement comes after two years of negotiations and aims to bolster the country’s port modernization efforts, further expanding Albayrak’s presence in Africa, where it already operates in seven countries.

On November 13, a significant cooperation agreement was formalized in Malabo, the capital of Equatorial Guinea, entrusting the operation of the Malabo and Bata Ports to the Albayrak Group. This agreement culminated after two years of discussions and reciprocal visits, marking a key milestone in the collaboration between Equatorial Guinea and the distinguished Turkish organization.

Albayrak Group has garnered attention across Africa for its successful ventures, which began in 2014 with the Port of Mogadishu. The company has established a robust presence in various countries, including Guinean and Gambian ports, and recently secured a 25-year concession to modernize and manage the ports in Equatorial Guinea. Notably, the group outperformed significant competitors, indicating its growing influence within the African port operations sector.

The signing ceremony was attended by notable figures, including Albayrak Group’s Chairman Ahmet Albayrak and Turkey’s Ambassador to Equatorial Guinea, Ahmet Ergin, alongside key Equatorial Guinean officials such as Prime Minister Manuel Osa Nsue Nsua. This partnership not only signifies Albayrak Group’s expansion in Africa but also reinforces Equatorial Guinea’s strategic focus on modernizing its port infrastructure to enhance economic growth and connectivity.

The Albayrak Group, a long-standing Turkish enterprise, has been actively expanding its investments across Africa, commencing with the acquisition of operational rights in various ports. The recent agreement with Equatorial Guinea marks an important addition to its portfolio, which already includes successful operations in ports throughout Somalia, Guinea, Gambia, and the Republic of Congo. This strategic move highlights both Albayrak’s intent to enhance regional connectivity through infrastructure development and Equatorial Guinea’s dedication to improving its port facilities, thereby promoting economic growth.

The agreement between Equatorial Guinea and the Albayrak Group represents a significant step towards the modernization of the country’s port infrastructure. With a focus on development and operational efficiency, this partnership is poised to enhance trade routes and economic opportunities within the region. Albayrak Group’s successful track record in Africa reinforces its ability to execute such large-scale projects effectively, marking Equatorial Guinea as the eighth country benefiting from their expertise.

Original Source: www.azernews.az