Afreximbank holds roadshow in The Gambia

Categories: Press Releases

The Gambia, 23 May 2023 – African Export-Import Bank (Afreximbank) is delighted to report the successful completion of its roadshow in The Gambia, which took place between the 4th and 5th of April 2023. As well as providing a forum in which Afreximbank could explore business development opportunities in the country and identify priority transactions in pivotal strategic sectors of the economy, the roadshow enabled Afreximbank to raise its profile among Gambia’s business and legislative community – increasing awareness of its diverse products and initiatives, and their respective applicability in Gambia.

The roadshow represents the second in a series of such events being undertaken by Afreximbank and Oakwood Green Africa Limited, in conjunction with the Gambia Investment and Export Promotion Authority (GiEPA). The focus this year was summarized in the title: “Sustaining the Intra-Africa Trade Drive – Navigating the Last Mile” which aimed to address the urgency of escalating and expanding intra-African trade in light of wider disruptions to the world economy (such as Covid-19 and the war in Ukraine) which have exposed African economies’ vulnerability in key areas, especially with regards to agricultural commodities and price volatility. The roadshow initiative aims to ensure that the unprecedented opportunity presented by the AfCFTA is maximized by all its signatories, to ensure a historic shift for African economic development and continental trade.

The roadshow was attended by various Gambian government ministers and business luminaries, among them the Honorable Abdoulie Jobe, Minister of Petroleum and Energy Resources – representing The Minister of Finance, Mr. Seedy Keita – as well as Mr. Buah Saidy, from the Central Bank of The Gambia, and Mr., Baboucarr Ismaila Joof, Honourable Minister of Trade, Industry and Regional Integration & Employment. An official visit was paid to the President of the Republic of Gambia, H.E. Adama Barrow, which provided the opportunity to discuss along with cabinet members, the various projects the country is looking to embark upon, and support required from Afreximbank.

Commenting on the roadshow, Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade Bank / Business Development & Corporate Banking, Afreximbank, said: “This roadshow reflects Afreximbank’s commitment to Gambia’s long-term economic stability and growth, and I am delighted that so many have expressed an interest in the wide array of services and products available to our member states as they navigate a period of high instability and economic uncertainty. We have, as Africans, a momentous opportunity – to take our continent’s economic destiny into our own hands, and, through this, create a prosperous, equitable, and harmonious future for all our children and grandchildren. In this spirit, it is my distinct pleasure to invite this audience to attend Afreximbank’s landmark AGM and 30th anniversary celebration, which will be held in Accra between the 18th and 21st of June this year.”

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About Afreximbank

African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of 2022, Afreximbank’s total assets and guarantees stood at over US$31 billion, and its shareholder funds amounted to US$5.2 billion. The Bank disbursed more than US$86 billion between 2016 and 2022. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”).

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