THE GOVERNMENT OF EQUATORIAL GUINEA SIGNS THE CONCESSION AGREEMENT WITH THE TURKISH GROUP ALBAYRAK
On November 13, 2024, the Government of Equatorial Guinea signed a historic concession agreement with the Turkish group Albayrak, aimed at managing the country’s national ports. This agreement, which is part of an effort to modernize and optimize port infrastructure, seeks to elevate the quality of logistics services and position Equatorial Guinea as a reference in the region.
The contract signing was witnessed by high-ranking government officials and Albayrak representatives, who expressed their commitment to the sustainable development of the port sector. The Minister of Transport highlighted that this agreement will not only improve the operational efficiency of the ports but also generate employment and foster foreign investment in the country.
The Minister of Transport emphasized that the project includes the modernization of port facilities and the implementation of advanced technologies to improve logistics management. These improvements are expected to contribute significantly to Equatorial Guinea’s economic growth, facilitating international trade and attracting more companies to the country.
Albayrak, known for its international port management expertise, has expressed its intention to implement sustainable practices in all operations. This includes adopting measures to minimize environmental impact and promote development that benefits both the economy and local communities.
The arrival of the Albayrak Group is considered a boost for the local economy, as it is expected to generate thousands of jobs during both the construction phase and daily operations. Additionally, this collaboration is anticipated to attract additional investments in related sectors such as trade and transportation.
With this agreement, Equatorial Guinea is positioning itself to better leverage its maritime resources and improve its competitiveness in international trade. The government has stated that it is committed to working closely with the Albayrak Group to ensure that benefits are shared with the local population and environmental standards are respected.
This move could serve as a model for future collaborations between African countries and international companies in the infrastructure domain.
The Guinean authorities have expressed their optimism that this partnership will contribute to the country’s sustainable economic development.
This agreement represents an important step for Equatorial Guinea in its quest to diversify its economy and strengthen its infrastructure, ensuring a more prosperous future for its citizens.
