Afreximbank Grants $75M Swap to Fund Gambia's National Road Projects

In a major step to bolster The Gambia’s transport infrastructure and regional trade connectivity, the African Export-Import Bank (Afreximbank) has signed a US$75 million five-year cross-currency swap agreement with the Central Bank of The Gambia (CBG). The landmark deal was finalized on the sidelines of the 32nd Afreximbank Annual Meetings (AAM2025) held in Abuja, Nigeria, from 25 to 28 June.

The agreement paves the way for Afreximbank to leverage local currency proceeds to purchase bonds issued by The Gambia’s National Roads Authority (NRA), which will serve as swap securities. These funds will be channelled into strategic national road development projects that are a cornerstone of the Gambian government’s infrastructure agenda.

Supporting Trade-Enabling Infrastructure

Mr. Haytham Elmaayergi, Executive Vice President of Afreximbank’s Global Trade Bank, and Mr. Buah Saidy, Governor of the Central Bank of The Gambia, signed the agreement on behalf of their respective institutions.

Elmaayergi hailed the transaction as emblematic of Afreximbank’s innovative approach to trade finance and development across its member states.

“This facility allows us to unlock capital and create capacity to support trade transactions in Africa,” Elmaayergi stated. “It is part of our ongoing commitment to facilitating trade-enabling infrastructure that catalyzes economic growth.”

According to him, the timing is crucial, as The Gambia moves to upgrade rural and urban road networks that are vital for increasing market access, reducing transportation costs, and boosting domestic and cross-border trade.

A Path to Inclusive and Sustainable Growth

The financing will directly support the construction and rehabilitation of national roadways, reinforcing the country’s push toward a more connected and productive economy.

Over the long term, these developments are expected to:

• Improve commuter and freight mobility

• Enhance road safety and travel efficiency

• Support agriculture and industrial expansion

• Foster regional integration and intra-African trade

• Promote inclusive economic development by linking rural production areas to urban markets

This project aligns with Afreximbank’s broader mission of using innovative financing mechanisms to unlock the economic potential of African nations and support the implementation of the African Continental Free Trade Area (AfCFTA).

Gambia’s Vision for Connectivity

Speaking at the signing, Governor Buah Saidy praised the transaction as a breakthrough in addressing The Gambia’s long-standing infrastructural deficits.

“This swap will ease one of the biggest constraints to development—transportation,” Saidy said. “It will empower the NRA to accelerate road construction as mandated by President Adama Barrow to transform how Gambians move, live, and do business.”

He emphasized that the financing would be especially impactful in linking rural production zones with urban commercial centres, thereby unlocking agricultural value chains, improving market access, and stimulating inclusive economic activity.

Institutional Collaboration and Expertise

The Central Bank of The Gambia is a founding shareholder of Afreximbank, while the NRA—established in 2006—is charged with the construction, maintenance, and management of all roads in the country.

Oakwood Green Africa, a specialist financial advisory firm, acted as the transaction adviser to both the CBG and NRA, providing technical guidance and facilitating the structure of the swap.

Spotlight on AAM2025

The agreement was signed as part of AAM2025, Afreximbank’s flagship event which drew over 7,000 participants, including Heads of State, Prime Ministers, Ministers of Finance and Trade, central bank governors, investors, and private sector leaders from across Africa, the Caribbean, and other regions.

The meetings culminated in the Annual General Meeting of Shareholders, where it was announced that Dr. George Elombi will assume the role of President of Afreximbank, succeeding Professor Benedict Oramah, whose ten-year tenure ends later this year.

A Blueprint for African Infrastructure Financing

This transaction adds to Afreximbank’s growing portfolio of blended finance and currency swap deals, which enable countries to mobilize local resources for development without overburdening foreign reserves.

It also highlights how development finance institutions can innovate beyond traditional loans, offering instruments that respond to the fiscal and monetary realities of smaller economies like The Gambia.

As The Gambia embarks on this transformational journey, the road ahead—both literally and economically—looks increasingly promising.