Today, Albayrak Group, a prominent participant in port operations, will begin the construction of Gambia’s Port Expansion Project.
The Gambia Ports Authority (GPA) is facing criticism for its insufficient capacity to handle ships, leading to the diversion of cargo destined for Banjul through Dakar. However, a Turkish company has committed to investing €20.5 million to enhance the infrastructure of Banjul Port, the only commercial port in Gambia. This investment aims to ensure the port’s continued operation while the construction of the new $1 billion Sanyang Port is underway. The objective is to finish the construction of the new port within a timeframe of six years, while also implementing a 30-year plan for its operation. The strategic goal is to entice vessels that had previously redirected to alternative ports as a result of Gambia’s antiquated infrastructure.
Albayrak Group, after successfully outbidding large businesses from Saudi Arabia, France, and Morocco last year, has officially signed an agreement with the Gambia Government to take control of the country’s most crucial port. The project encompasses the upgrading of the current Banjul Port and the establishment of the new Sanyang Deep Sea Port.
Ousman Jobarteh, the Managing Director of GPA, stated that Albayrak Group’s all-encompassing strategy for port operations in Gambia has the potential to completely transform the country’s maritime infrastructure, as well as stimulate economic growth and development in several sectors.
“The expansion of the port will guarantee that the country has the necessary infrastructure to make a more significant contribution to national development and stay competitive in the maritime trade and logistics industry,” he declared.
According to Jobarteh, the efficiency of the ports and their logistic chain will help reduce the overall expenses associated with conducting business throughout the entire value chain.
The individual made a verbal statement. The Gambia, similar to other developing nations, depends heavily on trade and logistics as significant drivers of development.
According to Mr. Jobarteh, governments in West Africa have widely accepted the infusion of private funds for the ownership and administration of public ports, mostly because of the substantial financial resources needed for this purpose.
This partnership is structured as a guarantor and stakeholder arrangement, with both the government and GPA serving as the landlord and shareholder. The government and GPA will jointly own a 20% ownership stake, while the investor will enhance the effectiveness of Banjul port over a period of six years. The concession, encompassing construction, management, operation, and eventual return, will span a duration of 30 years,” he stated.
According to him, the government will collect payments for all movable assets at the Banjul port, receive a portion of the total revenue generated in both Banjul and Sanyang, and retain all current workers involved in the operation.
“Additionally, we will hold positions on the company’s board of management.” In addition to the project, the Basse and Kaur inland ports will also undergo development, and the renovation of the Banjul shipyard will be included,” he stated. He stated that the ongoing lack of capacity continues to impact the delivery of services at the ports.