Equatorial Guinea has signed a cooperative agreement with Turkey’s Albayrak Group for the operation of the Malabo and Bata Ports for 25 years. This follows two years of negotiations and marks a significant investment as Albayrak Group continues to expand its African operations, which began in Somalia in 2014. The ceremony attended by high-ranking officials signifies a commitment to enhancing port management in the region.
Equatorial Guinea has formalized a significant partnership with the Albayrak Group, a prominent Turkish enterprise, by signing a cooperative agreement on November 13. This agreement involves the operation of the Malabo and Bata Ports, marking a culmination of two years of discussions. Albayrak Group, recognized for its substantial investments in African port operations, will manage these ports for the next 25 years, continuing its expansion on the continent following successful projects in other African nations.
Albayrak Group, established in Turkey, has been gradually extending its reach in Africa since 2014, beginning with the Port of Mogadishu in Somalia. The group’s portfolio has grown to include various projects in Guinea, Gambia, and the Republic of Congo, showcasing its expertise in port management. The agreement with Equatorial Guinea signifies a strategic move as the group seeks to enhance its investment footprint in Africa, now operating in eight nations across the continent.
The signing of the concession agreement with Equatorial Guinea not only affirms Albayrak Group’s commitment to improving African port infrastructures but also highlights its competitiveness in the international market. This partnership promises developmental opportunities for both parties, with Albayrak Group leveraging its experience to modernize and operate vital ports, facilitating regional trade and economic growth.
Original Source: www.azernews.az
