Turkish firm to carry 80% share of Banjul port over 30 years

Turkish firm, Albayrak, will now maintain an 80% share of Banjul port over a interval of 30 years after signing a concession settlement with The Gambia authorities to fund the growth of the nation’s solely seaport at a tune of $20.5 million.

Under the settlement, signed in July 2024, The Gambia authorities will maintain 20% for the approaching three many years.

As a part of efforts to increase the ports, The Gambia Ports Authority held a stakeholders assembly, aimed to speak the operational procedures, because the port is ready to be named Alport throughout this era.

Speaking on the assembly, Ousman Jorbtateh, managing director of The Gambia Ports Authority, described the settlement as in one of the best curiosity of the nation, which he asserted got here because the port was confronted with monetary challenges to fund the growth challenge.

“The main reason for going into consensus is that the financial resources that are required to do the investment in the capacity are implemented in Banjul. GPA doesn’t have those resources that’s why it’s been very difficult to expand the port. And we are faced with competition. Looking at the sub region nowadays, to remain as a port you need to up your game,” he stated.

He assured the settlement wouldn’t negatively affect companies, stating that it goals to reinforce effectivity within the ports