State House Press Release, 20th August, 2023
Conscious of the need to increase the handling capacity of the country’s only seaport and decongest terminals, The Gambia Government has approved a Public Private Partnership (PPP) concession for the expansion of the Port of Banjul and the development of a deep seaport at Sanyang village, West Coast Region along the country’s southern coastline.
The PPP concessionaires are Albayrak and Negmar Consortium of Turkey with The Gambia Port Authority (GPA) serving as both a Guarantor and Shareholder in the Special Purpose Vehicle (SPV). Maritime Transport Business Services (MTBS) of Netherlands is the Transaction Adviser which assisted the Government in the bidding process through the PPP Technical Evaluation Committee comprising representatives from OP, GPA, GPPA, GRA, MOJ, MTWI, MOFEA, MOTIRIE, GIEPA and the PPP Directorate at the Finance & Economic Affairs ministry.
Albayrak and Negmar Consortium will be appointed as the Lead Arranger of the SPV Joint Venture (JV) with the responsibility for the construction of the facilities, while the other two Preferred Bidders, Red Sea Gateway Terminals of the Kingdom of Saudi Arabia and Yilport of Turkey, would hold equity in the SPV, to leverage on their respective competencies and investment opportunities.
The PPP arrangement is expected to address the need for sustainable management and operations of The Gambia’s port facilities given the climate risks associated with sea-level rise, perennial dredging required due to increased sedimentation in Banjul and the limited capacity for expansion and congestion in the capital City.
The construction of the Deep Seaport in Sanyang and the expansion of the Banjul Port are to run concurrently and be concluded within 24 months (2 years). Once the identified lead PPP concessionaire commits to the Award instruments, work will begin in earnest.