‘GPA CANNOT CONSENT TO ALPORT’S ZENITH BANK LOAN’
The managing director of the Gambia Ports Authority GPA Ousman Jobarteh, has made it categorically clear in an official letter, leaked online, and addressed to Turkish investor Albayrak, that his institution cannot and does not consent to a loan agreement between it and Zenith Bank, (as currently structured), since it does not fall within the financing agreement signed with them.
“The GPA noted that Alport Banjul Limited executed a project financing loan agreement with Zenith Bank on 3rd October 2025 for an amount of approximately 13.5 million euros reportedly to finance part of the Banjul Port. The Concession Agreement and the Shareholders Agreement contemplated that 19 million euros investment would be provided by Albayrak as equity. However, if that investment, or any portion thereof, is now to be financed through debt rather than equity, and the loan is to be obtained in the name of Alport Banjul Limited for purposes of the rehabilitation works, such facility must be solely guaranteed by Albayrak in accordance with Clause 5.3 of the Shareholders Agreement”, MD Jobarteh wrote to Albayrak.
He further argued that GPA’s 20 percent shareholding in Alport Banjul Limited is a non-cash equity contribution representing a right of use, adding that the GPA bears no financial liability for Albayrak’s debts or obligations. “All borrowings and liabilities under the Zenith Bank facility remain solely those of Alport Banjul Limited and its shareholder Albayrak, and not of GPA or the Government of The Gambia,” MD Jobarteh’s letter stated.
The Standard contacted MD Jobarteh with a question as to whether the said loan facility has already been given by Zenith Bank but he declined to confirm, saying: “we are not the ones contracting the loan.”
He added: “Our letter is very clear and unambiguous. Taking a loan is governed by the shareholders’ agreement, so Albayrak just have to respect those provisions. But GPA assets should not be encumbered (pledged as collateral) and there should be no liability on the government. If Albayrak fulfills those documents and then bring the Term Sheet then we can now review it.Taking a loan is governed by provisions in the concession agreement which is that it needs our prior approval. We did not even look into the terms of the loan itself; we are just querying the process that it took.”
The Gambia government entered into a 30 -year concession agreement with Albayrak to invest and take over all operational activities of the Banjul ports for 6 years and the building, and operating of a new port in Sanyang for 24 years.
Earlier this month, it was reported that the Albayrak Group has signed the said loan agreement with Zenith Bank Gambia at a ceremony graced by the general manager of Zenith Bank Kabiru Imoagene Mustapha and regional director Inna Buya Puye as well as Albayrak general manager Yunus Yilmaz who described the loan agreement as a breakthrough for the sector. “This milestone is not only significant for the current project but also a crucial step toward encouraging greater involvement of commercial banks in future phases of port development,” Yilmaz was quoted as saying.
Source: The Standard
