The Gambia Becomes Nineteenth Signatory State Of Ehe Establishment Agreement Of FEDA

The Republic of The Gambia has acceded the Establishment Agreement of the Fund for Export-Development in Africa (FEDA), the development impact investment arm of African Export-Import Bank (Afreximbank).

With this accession, The Gambia becomes FEDA’s nineteenth member, reinforcing its commitment to fostering economic growth and development. This milestone follows a wave of recent accessions by other countries, which is driving FEDA’s momentum in broadening its scope of interventions and its mission of delivering long-term capital to African economies, with a focus on industrialization, intra-African trade and value-added exports.

Some of FEDA’s recent strategic investments across the continent include its investment in Bloom Africa Holdings Limited (BAHL) in April 2024, a regional financial services platform operating across West Africa, including The Gambia, and a further USD300 million capital injection in Arise Integrated Industrial Platforms (Arise IIP) in October 2024. Others include strategic investment in Team Drogba, competing in the inaugural E1 Series, the world’s first-ever all-electric boat racing championship and the partnership with the Republic of Malawi in June 2024 to develop the Magwero Industrial Park to expedite Malawi’s industrialization process.

FEDA will explore additional opportunities to support The Gambia’s Recovery Focused-National Development Plan (RF-NDP) 2023–2027, also known as “YIRIWAA,” a flagship five-year initiative aimed at stimulating the country’s economic growth.

Professor Benedict Oramah, President of Afreximbank and Chairman of both the Boards of Afreximbank and FEDA commented: “We are delighted to welcome the Republic of The Gambia as the newest member of FEDA. This accession enhances our collective efforts to drive economic growth in the country, building on the momentum created by Afreximbank’s investments in the country over the past few years. We look forward to further collaborations aimed at unlocking new opportunities for partnership and growth.”

Marlène Ngoyi, CEO of FEDA, said: “We are thrilled to have The Republic of The Gambia join the Fund for Export Development in Africa (FEDA). Our recent investment in the Gambia’s financial services sector reflects our commitment to supporting the country’s five-year development plan. We are excited to collaborate with the country’s stakeholders to drive sustainable growth and explore opportunities that align with its development goals. Together, we can build a stronger, more resilient economy for the future.”