Monday 28th July 2025
Par inAfrika Reporter
Afreximbank has signed a $75 million cross-currency swap agreement with the Central Bank of The Gambia to support the country’s infrastructure expansion. The five-year deal enables The Gambia’s National Roads Authority to finance strategic road projects through local currency bonds, which Afreximbank will purchase as the underlying security. The structure provides liquidity while allowing the government to push forward key transport initiatives without drawing down immediate foreign reserves.
The deal was signed during the 32nd Afreximbank Annual Meetings in Abuja, with Haytham Elmaayergi, Executive Vice President of Global Trade Bank, representing the bank. Buah Saidy, Governor of the Central Bank, signed on behalf of The Gambia. The agreement comes at a pivotal time, as The Gambia intensifies efforts to modernize both rural and urban transportation corridors.
According to Elmaayergi, the swap demonstrates Afreximbank’s commitment to unlocking capital for trade-enabling infrastructure. This is not merely a liquidity boost it’s a strategic instrument that mobilizes resources for tangible development. The funds will be used to construct and rehabilitate roads that connect production areas in the countryside to consumption centers in urban areas, improving logistics and enabling more efficient movement of goods and services.
The facility also addresses one of the biggest bottlenecks to growth in The Gambia: poor road conditions. Many of the country’s rural areas remain isolated due to unreliable road access, limiting trade, market integration, and public service delivery. By enabling the National Roads Authority to build out its road network, the deal supports inclusive growth and national productivity.
Governor Saidy stressed the transformational nature of the financing, noting that it will allow the government to respond directly to President Adama Barrow’s directive to accelerate infrastructure delivery. The improved road network is expected to reduce travel times, boost road safety, and lower transport costs for businesses and commuters alike.
Over time, the development will deepen regional integration, enhance industrial output, and increase access to healthcare and education by making rural zones more accessible. It will also promote job creation in construction and related sectors while contributing to long-term growth through improved trade infrastructure.
The deal underscores Afreximbank’s innovative use of financial instruments to meet the development needs of its member states. By leveraging cross-currency swaps, the bank is helping countries stretch limited fiscal resources while maintaining macroeconomic stability. It’s a model that could be replicated in other countries facing similar constraints.
Oakwood Green Africa served as the transaction adviser to both the Central Bank and the National Roads Authority. Their role included guiding the structure and facilitating compliance with regulatory and financing requirements.
As Afreximbank prepares for a leadership transition, with Dr. George Elombi set to replace Prof. Benedict Oramah, deals like this one reflect the institution’s continued relevance and adaptive financing strategy. Rather than relying solely on traditional debt instruments, the bank is providing tools that match African realities where liquidity, local capacity, and long-term planning all need to coexist.
The Gambia’s partnership with Afreximbank reaffirms the country’s commitment to development through innovation and strategic collaboration. As road networks expand and trade routes strengthen, the results will be visible not just on maps but in the daily lives of Gambians across the country.
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