Gambia Says Banjul Port Concession Pays 4% of Gross Revenue

Transport Minister Ebrima Sillah has told the National Assembly that the government and the Gambia Ports Authority (GPA) receive 4 per cent of Banjul port's gross revenue each year under the concession agreement with the Albayrak Group. ¹ He said the 4 per cent is calculated on gross revenue and not on profit. ¹ The government and GPA together hold 20 per cent of the equity in the special purpose vehicle set up to operate the port. ¹

The investor has committed US$19 million over six years for equipment, a new container terminal and truck parking. ¹ GPA has received €3.2 million as payment for movable assets at the port. ¹ Ten per cent of the port's profits goes into an escrow account jointly managed by GPA and Albayrak, earmarked for the proposed Sanyang Deep Sea Port. ¹ GPA holds two seats on the board of the project company. ¹

Sillah said staff involved in port operations were retained by Albayrak on the same terms they had under GPA. ¹ After staff demonstrations over workplace grievances, he said the ministry had addressed the outstanding complaints, with the last two resolved during the week of the sitting. ¹ Asked whether the concession agreement could be made available to the Assembly, he said the documents and annexes had already gone to its Special Committee on Projects, and that the ministry would provide them if a separate request was made. ¹ The report does not give the length of the concession. ¹

Sillah also said the government is finalising negotiations over land transfers for proposed inland ports at Kaur and Basse. ¹ The second new green ferry is due within 16 months of the keel-laying date, but construction has not started because the government is waiting on the African Development Bank's decision on its grant application. ¹