Gambiaj.com – (BANJUL, The Gambia) – The Albayrak Group has signed a landmark project finance loan agreement with Zenith Bank to support the ongoing rehabilitation of the Port of Banjul, in what is being hailed as one of the rare instances of a commercial bank funding a major port infrastructure project in Africa.
While most large-scale infrastructure initiatives on the continent are traditionally financed by development banks, the involvement of Zenith Bank—one of Africa’s largest financial institutions—marks a significant shift. The long-term loan agreement underscores both the commercial viability and the financial sustainability of the Banjul Port project.
Speaking at the signing ceremony in Banjul, attended by Zenith Bank Gambia General Manager Kabiru Imoagene Mustapha and Regional Director Inna Buya Puye, Albayrak Construction General Manager Yunus Yılmaz described the deal 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,” Yılmaz said.
Albayrak Group, which took over management of the Port of Banjul under a 30-year concession agreement, has embarked on a comprehensive modernization program aimed at expanding capacity, upgrading facilities, and streamlining operations.
The project is expected to improve turnaround times for vessels, enhance cargo handling efficiency, and boost the competitiveness of The Gambia as a regional maritime hub.
The Banjul Port, one of the country’s most vital economic lifelines, has long struggled with congestion, aging infrastructure, and limited handling capacity.
Earlier this year, Albayrak announced that it would invest heavily in rehabilitating key facilities, including container terminals, cargo yards, and access roads. Once completed, the modernization effort is projected to significantly enhance The Gambia’s role in international trade while driving regional economic growth.
Industry experts note that the involvement of commercial banks like Zenith could pave the way for a new financing model in African infrastructure, complementing development bank lending and reducing reliance on state guarantees.
For The Gambia, the loan deal is also seen as a vote of confidence in its economy and a signal of international trust in the government’s public-private partnership framework.
With this financing secured, Albayrak is expected to accelerate rehabilitation works at the Port of Banjul, laying the groundwork for a modern, efficient gateway to West Africa’s trade networks.
