Equatorial Guinea and the Albayrak Group have signed a cooperation agreement that entrusts the operation of Malabo and Bata Ports to the Turkish conglomerate. This agreement, formalized on November 13, grants Albayrak a 25-year concession to manage and modernize these essential ports, further extending its operations into Africa.
A significant cooperation agreement has been reached between Equatorial Guinea and the Albayrak Group, leading to the transfer of operational control of the Malabo and Bata Ports to Albayrak Group. This agreement was formalized at a signing ceremony in Malabo on November 13. The Albayrak Group, a prominent Turkish company, seeks to broaden its continental investments in Africa, extending its previous projects from the Somali Port initiated in 2014.
The Albayrak Group’s expansion in Africa has garnered significant interest, particularly following their successful investments in various ports, including those in Mogadishu, Guinea Conakry, Banjul, and Pointe-Noire. The recently signed concession grants the Albayrak Group 25 years of operational, modernization, and development rights for the ports, a move that highlights the group’s competitive edge in international port tenders.
The signing ceremony was attended by noteworthy officials, including Ahmet Albayrak, Chairman of the Albayrak Group, and Turkish Ambassador to Equatorial Guinea, Ahmet Ergin. Equatorial Guinea’s delegation featured high-ranking ministers including Prime Minister Manuel Osa Nsue Nsua. This agreement marks Equatorial Guinea as the eighth country where the Albayrak Group is actively involved, following their previous successful initiatives in multiple African nations.
The Albayrak Group’s ventures include a variety of operations across Africa, ranging from construction and urban transportation to waste management and textiles, demonstrating a diversified approach toward continental development and investment.
The Albayrak Group, established in Turkey, has been actively expanding its influence in Africa since 2014. Beginning with the operation of the Port of Mogadishu, the group has progressively secured several port operation rights across various African nations. Ports are critical infrastructures for international trade and economic development, making effective management essential. The most recent agreement with Equatorial Guinea solidifies Albayrak’s presence in the region and showcases its commitment to enhancing port operations in Africa, thereby contributing to regional economic growth.
In conclusion, the collaboration between Equatorial Guinea and the Albayrak Group represents a vital step towards enhancing the operational efficiency of the Malabo and Bata Ports. With a 25-year operational mandate, the Albayrak Group aims to modernize and develop these critical infrastructures, reflecting Turkey’s growing investment interests within Africa. This agreement not only underscores Albayrak’s competitive advantage but also marks a new phase of economic collaboration for Equatorial Guinea within the global maritime industry.
Original Source: www.azernews.az
