Abuja, Nigeria – July 24, 2025 – In a landmark deal aimed at strengthening The Gambia’s infrastructure financing, the African Export-Import Bank (Afreximbank) has signed a US$75 million cross-currency swap agreement with the Central Bank of The Gambia (CBG). The five-year facility will support the financing of strategic road projects undertaken by the National Roads Authority (NRA).
The agreement was formalized during the recently concluded 32nd Afreximbank Annual Meetings (AAM2025) held in Abuja, Nigeria. Afreximbank Executive Vice President of Global Trade Bank, Mr. Haytham Elmaayergi, signed on behalf of the Bank, while Governor Buah Saidy represented CBG.
Under the terms of the agreement, Afreximbank will use the proceeds in local currency to purchase NRA-issued bonds, which will serve as swap securities. This structure will enable the Government of The Gambia to channel funding into essential transport infrastructure — including construction and rehabilitation of both urban and rural roads.
“Through this facility, Afreximbank is unlocking capital to support trade-enabling infrastructure across Africa,” said Mr. Elmaayergi. “It will help reduce commuter times, enhance road safety, and improve connectivity for goods and services across The Gambia.”
Mr. Elmaayergi emphasized that the investment arrives at a crucial time as the country accelerates national development and regional integration efforts.
Governor Buah Saidy welcomed the facility, noting that it would help relieve one of The Gambia’s biggest development challenges — inadequate transport infrastructure.
“This swap will unlock financing for NRA to build more roads, in line with H.E. President Adama Barrow’s vision of improving mobility and trade,” Governor Saidy stated.
He highlighted that the facility would particularly benefit rural production zones, which often suffer from limited access to urban markets. By connecting these regions, the initiative is expected to stimulate agricultural output, industrial linkages, and inclusive economic growth.
Oakwood Green Africa served as transaction adviser to both the CBG and NRA, providing structural guidance and facilitating the successful execution of the swap.
The signing formed part of the highlights of AAM2025, which drew over 7,000 participants, including African Heads of State, ministers, and private sector leaders. The meeting also saw the appointment of Dr. George Elombi as the incoming President of Afreximbank, succeeding Professor Benedict Oramah after two successful terms.
The African Export-Import Bank (Afreximbank) is a leading Pan-African multilateral institution dedicated to financing and promoting intra- and extra-African trade. With total assets exceeding US$40.1 billion as of December 2024, the Bank is a key supporter of Africa’s economic transformation.
Afreximbank is the originator of the Pan-African Payment and Settlement System (PAPSS), a vital infrastructure adopted by the African Union to support the AfCFTA. The Bank also manages a US$10 billion Adjustment Fund to support AfCFTA implementation across member states.
For more information, visit: www.afreximbank.com
Source:
Afreximbank Press Office – Read Original Press Release
