Equatorial Guinea has signed a 25-year agreement with Albayrak Group to operate and modernize Malabo and Bata Ports, enhancing its port infrastructure. This agreement follows two years of negotiations and underscores Albayrak Group’s growing investment in Africa, having previously succeeded in several other port operations on the continent.
Equatorial Guinea has formally entrusted the operation of its key ports, Malabo and Bata, to the Albayrak Group, following extensive negotiations over a span of two years. This significant cooperation agreement was finalized on November 13 during a ceremony held in Malabo, marking a pivotal moment for both parties involved. Albayrak Group, a venerable Turkish enterprise, aims to broaden its investment footprint in Africa, building on its earlier successes in various port operations across the continent.
The Albayrak Group has gained prominence through its strategic investments in ports across Africa, including notable projects in Somalia, Guinea, and Gambia. The recent concession granted for the Malabo and Bata Ports encompasses a 25-year commitment to modernization and development, underscoring the Group’s capacity to outperform its competitors in international tender processes. Key representatives from both the Albayrak Group and Equatorial Guinea attended the signing ceremony, showcasing the collaborative efforts between the two parties.
With a rich history of operation in Africa, dating back to its acquisition of the Port of Mogadishu in 2014, Albayrak Group’s presence continues to expand, with Equatorial Guinea being the eighth country within this diverse portfolio. The Group’s multifaceted activities in Africa span across construction, urban transportation, and waste management, emphasizing its versatility and commitment to contributing to the continent’s growth.
The new cooperation agreement between Equatorial Guinea and Albayrak Group represents a significant development in the management of Africa’s port infrastructure. Albayrak Group, established in Turkey, has progressively expanded its operations in Africa since 2014, showcasing a commitment to invest in vital infrastructure projects. The strategic transfer of port operations not only reinforces Equatorial Guinea’s regional economic strategy but also reflects Albayrak Group’s successful business model in various African nations. This collaboration aims to enhance the efficiency and capacity of port services, crucial for trade and economic growth.
The agreement between Equatorial Guinea and the Albayrak Group to manage Malabo and Bata Ports marks a noteworthy partnership that promises enhanced operational capabilities for these critical infrastructure assets. Albayrak Group’s continued expansion in Africa underlines the potential benefits of international collaboration in regional development. As the eighth country where Albayrak operates, this initiative is expected to contribute positively to Equatorial Guinea’s economic landscape through improved port services and infrastructure modernization.
Original Source: www.azernews.az
