Equatorial Guinea has signed a 25-year cooperation agreement with Albayrak Group to operate and modernize Malabo and Bata Ports. This partnership follows two years of negotiations and marks Albayrak’s continued expansion in Africa after previous successful investments in various ports. The agreement was finalized during a ceremony attended by high-ranking officials from both parties.
Following extensive negotiations spanning two years, Equatorial Guinea has officially entered into a significant cooperation agreement with the Albayrak Group. On November 13, a transfer ceremony was held in the capital city, Malabo, where the operational rights of the Malabo and Bata Ports were handed over to Albayrak Group. This Turkish conglomerate, with a strong track record in Africa, aims to enhance port operations, modernization, and development over the next 25 years.
Albayrak Group, known for its diverse ventures across the African continent, has already made notable investments in multiple port operations including those in Somalia, Guinea, Gambia, and the Republic of Congo. The recent agreement with Equatorial Guinea marks a significant milestone, reinforcing Albayrak’s reputation for successful international engagements. During the signing ceremony, a prominent delegation from Albayrak was present, including Chairman Ahmet Albayrak, Vice Chairman Nurettin Canikli, and Turkish Ambassador to Equatorial Guinea, Ahmet Ergin, alongside Equatorial Guinea’s Prime Minister Manuel Osa Nsue Nsua and other governmental officials.
Since its initial foray into Africa with the acquisition of operational rights for the Port of Mogadishu in 2014, Albayrak Group has swiftly established itself as a key player in the region, earning operational rights in numerous countries. With Equatorial Guinea being the eighth African nation to collaborate with Albayrak, the company’s expansion strategy continues to gain momentum in this vital sector.
Albayrak Group, a well-established entity from Turkey, has progressively expanded its investments in Africa since 2014. Starting with the Port of Mogadishu, the organization has diversified its operations to encompass various sectors such as urban transportation, waste management, and port operations across several African nations. The recent agreement with Equatorial Guinea solidifies Albayrak’s commitment to enhancing port infrastructure and services in the region, thereby contributing to the economic development of these nations.
In summary, the recent cooperation agreement between Equatorial Guinea and Albayrak Group marks a pivotal development in the management of the Malabo and Bata Ports. This partnership, which spans 25 years, aims to modernize and enhance the effectiveness of port operations in the country. With Albayrak’s growing presence in Africa, the investment signifies the potential for significant economic advancement for Equatorial Guinea and strengthens Albayrak’s position as a leading investor in port operations across the continent.
Original Source: www.azernews.az
