The Gambia Makes History: 19th Nation to Seal the Deal on Groundbreaking FEDA Agreement

The Republic of The Gambia has agreed to an Agreement Establishing the African Export Development Fund (FEDA), the development impact investment arm of the African Export-Import Bank (Afreximbank).

With this acceptance, The Gambia becomes FEDA’s nineteenth member, reinforcing its commitment to foster economic growth and development. This milestone follows a wave of recent acceptances by other countries, which is driving FEDA’s momentum in expanding its scope of interventions and its mission of providing long-term capital to African economies, with a focus on industrialisation, intra-African trade and added value. 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 capital injection of USD300 million in Arise Integrated Industrial Platforms. (Arise IIP) in October 2024. Others include a strategic investment in Team Drogba, competing in the first E1 Series, the world’s first-ever electric boat racing championship and the partnership with the Republic of Malawi in June 2024 to develop a Park Magwero Industrial to facilitate Malawi’s industrialization process.

FEDA will explore additional opportunities to support The Gambia’s Recovery-Oriented 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 the Boards of Afreximbank and FEDA said:

« We are very proud to welcome the Republic of Gambia as the newest member of FEDA. This acceptance enhances our joint efforts to stimulate 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 collaboration with the aim of unlocking new opportunities for partnership and growth.”

Marlène Ngoyi, CEO of FEDA, said:

“We are delighted that the Republic of The Gambia is joining the African Export Development Fund (FEDA). Our recent investment in Gambia’s financial services sector reflects our commitment to support 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 and more resilient economy for the future.”