Gambia: Afreximbank commits $500m to agric and tourism

The African Export-Import Bank (Afreximbank) will commit about 500 million dollars to revive agriculture and construction of world-class tourism and trade logistics infrastructure in The Gambia.

The President of the bank, Dr Benedict Oramah said this in a statement issued in Lagos.

Oramah, who met with President Adama Barrow in Banjul, said part of the fund would also be used to improve the country’s energy sector.

He said the construction of Tourism Relay Facilities would include luxury hotels and resorts which would generate higher revenues and foreign exchange inflows for the country.

According to Oramah, the bank will launch a Contingency Food Emergency Trade Financing Facility to assist countries exposed to droughts or floods, such as The Gambia.

He said the aim was to help such countries improve their financial preparedness through food imports.

Oramah said that the bank could also intervene in the provision of bridging finance for upgrade and expansion of the country’s major ports and related logistics infrastructure.

The statement quoted President Barrow as saying that the bank’s financing offer was in line with Gambia’s three-year programme for accelerated growth.

Barrow said the country was in urgent need for interventions to improve the means of livelihood of Gambians.

According to him, the four key areas to consider include macroeconomic management frameworks, strengthening the public sector, promoting sustainable inclusive growth, and investing in human capital.

Afreximbank is the foremost Pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade.

The bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors.

Since 1994, it has approved more than 51 billion dollars in credit facilities for African businesses, including about 10.3 billion dollars in 2016.

The bank has its headquarters in Cairo.

Source: Voice of Nigeria