The Gambia becomes nineteenth signatory state of the Establishment Agreement of Fund for Export Development in Africa (FEDA)

Kigali, 06 November 2024: 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."

-ENDS-

About FEDA:

The Fund for Export Development in Africa ("FEDA") is the impact investment subsidiary of Afreximbank (www.afreximbank.com), set up to provide equity, quasi-equity, and debt capital to finance the multi-billion-dollar funding gap (particularly in equity) needed to transform the Trade sector in Africa. FEDA pursues a multi-sector investment strategy along the intra-African trade, value-added export development, and manufacturing value chain which includes financial services, technology, consumer and retail goods, manufacturing, transport & logistics, agribusiness, as well as ancillary trade enabling infrastructure such as industrial parks.

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 December 2023, Afreximbank's total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. The Bank disbursed more than US$104 billion between 2016 and 2023. 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"). The Bank is headquartered in Cairo, Egypt.

For more information, visit: www.afreximbank.com

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