Afreximbank cross-currency swap of $75m supports The Gambia’s road projects, improving transport and economic growth in a strategic partnership

Afreximbank cross-currency swap agreement worth $75 million has been signed with the Central Bank of The Gambia to fund key road infrastructure projects.

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The five-year deal, finalised during the 32nd Afreximbank Annual Meetings in Abuja, Nigeria, will enable the financing of strategic transport upgrades through the National Roads Authority (NRA).

Mr. Haytham Elmaayergi, Executive Vice President of Global Trade Bank at Afreximbank, and Mr. Buah Saidy, Governor of the Central Bank of The Gambia, inked the agreement.

Afreximbank will purchase NRA-issued bonds using local currency proceeds, which will serve as swap securities for the transaction.

“This transaction shows Afreximbank’s dedication to driving trade finance in Africa. We are unlocking capital to finance infrastructure critical for trade and connectivity,” said Mr. Elmaayergi.

He added that the swap will support construction and rehabilitation of rural and urban roads, strengthening The Gambia’s economy.

Governor Saidy emphasised the importance of this financing.

“This swap will ease the binding constraints of our transport network, enabling the NRA to build more roads as directed by President Adama Barrow. This is crucial for connecting rural production areas to urban markets.”

The financing aims to improve the movement of goods and services, reduce travel times, and enhance road safety.

Over time, a better road network will deepen regional integration, boost agriculture and industry, and support sustainable growth.

Afreximbank continues to provide innovative financial tools to African countries.

The Central Bank of The Gambia is a founding shareholder of Afreximbank, while the NRA oversees all road projects nationwide.

Oakwood Green Africa advised the parties, helping structure the swap transaction effectively.

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The 32nd Afreximbank Annual Meetings, which attracted thousands of delegates including Heads of State, also saw Dr. George Elombi appointed as the Bank’s new President.