How the IMF influenced the renegotiation of Albayrak’s port concession in Mogadishu
The Somali Port Authority signed an agreement with the Turkish construction firm in 2014. The contract has been reworked, mainly thanks to pressure from the international funder.
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▪ How the IMF influenced the renegotiation of Albayrak’s port concession in Mogadishu
▪ The Somali Port Authority signed an agreement with the Turkish construction firm in 2014. The contract has been reworked, mainly thanks to pressure from the international funder.
▪ https://www.africabusinessplus.com/en/805806/how-the-imf-influenced-the-renegotiation-of-albayraks-port-concession-in-mogadishu/
“We were relieved to find an interested partner in 2014,” Ahmed Mohamud, Mogadishu Port Authority’s Director, told Jeune Afrique Business+. The Albayrak group signed a 20-year concession at the height of Somalia’s civil war, but before long the two sides began to disagree. “The Turks were not satisfied with the growth rate in activity,” confides another close source. Mogadishu itself observed that Albayrak invested little or nothing in the port’s maintenance.
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