He made this revelation yesterday during a discussion on the port’s expansion project with the Select Committee on Monitoring the Implementation of Government Projects.
Albayrak, one of Türkiye’s largest investment conglomerates, signed a 20 million Euro project that encompasses the financing, rehabilitation, maintenance and operation of the Port of Banjul, as well as Basse, Kaur inland ports and construction of the new deep seaport at Sanyang.
Amidst controversies sorrouunding the agreement, MD Jorbateh made it clear that GRA has entered into a landmark 30-year agreement with Albayrak Türkiye company, granting ownership of Banjul Port for six years and Sanyang Port for 24 years with full investment from the company.
The deal he said, aiming at modernising and expanding the country’s maritime infrastructure, marks a significant step in The Gambia’s efforts to boost trade and economic growth.
Committee members raised concerns over the long-term implications of foreign ownership of critical national assets and agreements.
Mr Jorbateh, however, emphasised that the investment agreement was very specific, and they made minimal investment to turn around the business. “The GPA would develop the scope and investment cycle,” he assured.
“About 20 million Euros was initially invested in acquiring properties, equipment, and a digitalisation project, costing a total of 23 million Euros. However, due to ongoing congestion, further analysis suggested extending the journey by 200 meters to accommodate three large shifts simultaneously,” Jorbateh explained.
Jorbateh further mentioned that the Turkish Company expressed urgency to capture business before it relocates to another port, proposing an additional investment that raised the total to 33 million Euros for a new container terminal in Banjul.
Jorbateh emphasised that they [investors] decided to maintain the original investment of 20 million Euros, as they plan to stay for six years, then move to Sanyang since it was their initial proposal.
Moreover, he outlined that on the condition of the agreement, they hired Maritime Transport Business Solution (MTBS) as their transaction advisor to manage compliance with contract conditions.
“They provide weekly reports detailing achievement levels and a scoring system, which we will share. While the investor covers all financing, we decided to forego dividend distribution and instead allocate net profits to a dedicated account for investments on signing,” he disclosed.
Additionally, MD Jobarteh stated that the condition is to ensure that no government funds are spent on the project, as the investor purchases the assets, which belong to the new company.
“The original company’s fixed assets remain our property and are not collateral for raising funds. Once the new company operates, they will not affect our operations in value. The new company owns the machines and has full control.”
