The African Export-Import Bank (Afreximbank) has signed a five-year, $75 million cross-currency swap agreement with the Central Bank of The Gambia (CBG) to support critical infrastructure development across the country.
The deal, signed during the 32nd Afreximbank Annual Meetings held in Abuja from June 25 to 28, is aimed at financing strategic road projects through the Gambia’s National Roads Authority (NRA). Under the agreement, Afreximbank will purchase NRA-issued bonds using the local currency proceeds of the swap. These bonds will serve as security for the transaction.
Mr. Haytham Elmaayergi, Executive Vice President of Afreximbank’s Global Trade Bank, signed on behalf of the Bank, while Governor Buah Saidy represented the Central Bank of The Gambia.
Elmaayergi said the transaction reflects Afreximbank’s commitment to helping member states access financing for trade-enabling infrastructure.
“Through this facility, Afreximbank is unlocking capital and creating additional capacity in support of trade transactions into Africa,” he said. “This partnership comes at a pivotal time in The Gambia’s development as the country works to upgrade its transport network to meet rising trade and connectivity needs.”
The funds are expected to be channelled into the construction and rehabilitation of both rural and urban roads, which the Bank says will reduce travel times, improve safety, and promote more efficient movement of goods and services. Over time, officials hope the improved network will bolster agricultural and industrial output while strengthening regional integration and economic growth.
Governor Saidy welcomed the agreement, noting that it comes in response to growing infrastructure needs in the country.
“This swap 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,” said Saidy.
He added that linking rural production areas to urban markets will help unlock The Gambia’s economic potential, improve accessibility, and create jobs.
The National Roads Authority, established in 2006, is tasked with managing the development, maintenance, and expansion of the country’s road network. CBG, a founding shareholder of Afreximbank, is overseeing the financial framework of the deal.
Oakwood Green Africa acted as transaction adviser to both the CBG and the NRA, supporting the structure and execution of the swap.
The announcement was made during AAM2025, a high-level gathering that drew more than 7,000 delegates, including heads of state, ministers, and business leaders from Africa, the Caribbean, and other regions. The meetings concluded with the appointment of Dr. George Elombi as Afreximbank’s next President, succeeding Prof. Benedict Oramah after two five-year terms.
This agreement marks another step in Afreximbank’s push to leverage innovative financing to address infrastructure gaps across Africa. For The Gambia, it’s a crucial boost in the country’s efforts to build a more connected and resilient economy.
