Afreximbank to avail $75 million to Central Bank of The Gambia in a cross-currency swap

African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has signed an agreement to avail a US$75-million five-year cross-currency swap to the Central Bank of The Gambia (CBG) for the financing of strategic projects undertaken in The Gambia by the Government, through the National Roads Authority (NRA).

The agreement, signed in Abuja, Nigeria, as part of activities to mark the 32^nd Afreximbank Annual Meetings (AAM2025) held from 25 to 28 June, provides for Afreximbank to use the local currency proceeds to purchase NRA-issued bonds, which will serve as the swap securities for the transaction, to finance strategic projects undertaken by the Agency.

Signing the agreement for Afreximbank was Mr. Haytham Elmaayergi, Executive Vice President, Global Trade Bank, Afreximbank, while Mr. Buah Saidy, Governor of Central Bank of The Gambia, signed for his organisation.

Commenting on the agreement, Mr. Elmaayergi said that the transaction reflected Afreximbank’s commitment to driving trade finance in Africa by supporting its member countries to achieve much needed liquidity to enable them finance trade-enabling infrastructure in their countries.

“Through this facility, Afreximbank is using its resources to leverage financing to Africa by unlocking capital and creating additional capacity in support of trade transactions into Africa,” he explained. He noted that this partnership comes at a pivotal time in The Gambia’s development trajectory, as the country intensifies efforts to upgrade its transport infrastructure to meet growing trade and connectivity needs. The cross-currency swap is expected to support the construction and rehabilitation of both rural and urban road networks, reinforcing the Gambia’s commitment to building a more connected, productive and inclusive economy.

According to him, this initiative will enable more efficient movement of goods and services, reduce travel times for commuters and businesses, and improve road safety. Over the long term, these developments will contribute to a more reliable and extensive national road network, helping to deepen regional integration, enhance agricultural and industrial output, and promote sustainable, broad-based economic growth across the country. This transaction underscores Afreximbank’s ongoing commitment to supporting African countries in mobilizing innovative financing tools to unlock development and trade potential.

On his part, Governor Buah Saidy acknowledged the need for development financing to address supply-sided constraints to development in The Gambia.  This swap, he said “will relax the binding constraint of a challenging transport network, by enabling NRA to build many more roads that H.E. President Adama Barrow has instructed them to build to ease the movement and lives of Gambians”.

Governor Saidy noted that the financing made available through the swap will allow NRA to build roads that will open up the economy by connecting the production areas in the rural parts of the country to the markets in the urban centres.

CBG is a founding shareholder of Afreximbank while NRA, established in 2006, is responsible for the administration, control, construction and maintenance of all roads in The Gambia.

Oakwood Green Africa served as transaction adviser to the NRA and CBG for the transaction, providing them guidance on the structure and facilitating the swap.

AAM2025, which attracted an estimated 7,000 participants, including Heads of States, Prime Ministers, ministers and business leaders, from across Africa, the Caribbean and beyond, ended with the Annual General Meeting of Afreximbank Shareholders where Dr. George Elombi was appointed the incoming President of the Bank to replace Prof. Benedict Oramah whose tenure is ending after two five-year terms at the helm.

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