#National News

AfreximBank/Oakwood Green Africa launches Gambia Trade Road show 

Feb 3, 2022, 11:42 AM | Article By: Isatou Ceesay-Bah

AfreximBank and Oakwood Green Africa on Wednesday launched the Gambia Trade Road Show at a ceremony held at Sir Dawda Kairaba Jawara Conference Center in Bijlo.

The Minister of Finance and Economic Affairs Mambury Njie presided over the launch which attracted officials from The Gambia Banking sector alongside stakeholders in the micro finance industry.

The two-day event was designed to discuss plans, programmes and share what Afreximbank has to share. 

The African Export-Import Bank (Afreximbank) would commit up to $500 million in financing to support the revival of agriculture, growth of the financial sector and construction of world-class tourism and trade logistics infrastructure in The Gambia. 

However, the programme’s four key focus areas are improving 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-inter-African trade. 

Established in October 1993, the bank is a product of African governments, under a charter with headquarters in Cairo, Egypt. 

Addressing the gathering, Mambury Njie, minister of Finance and Economic Affairs, expressed delight to acknowledge the bank offers a range of financing programmes, solutions and advisory services to support the expansion, diversification, promotion and development of intra-African trade and trade development project.

The services provided by Afreximbank, he observed, are the main prerequisite for vital investment that can really translate into sound economic growth, saying it is worth noting that, trade and project financing initiatives positively impact trade and project financing initiatives, trade and economic development across the African continent.

“Oakwood has the information and resources on tap to help business successfully enter and expand into the African markets it strategically entrenched in the African market to provide business tools and resources designed to extract above average yields from viable Ventures”

Minister Njie concluded by recognising the tremendous efforts that AfreximBank and Oakwood Green played resulting in the initiative designed to make trade easy and access to finance within Africa.

“I therefore encouraged the GIEPA, Central Bank, Ministry of Trade and the Ministry of Finance to work hand in gloves to see the strive has positive correlation with their development plan as it was mentioned in the strategic priority right of the national development plan.”

Ousainou Senghore Chief Executive Officer of The Gambia Investment and Export Promotion Agency, (GIEPA) disclosed that the Gambia Road Show is a joint intuitive of Oakwood Green Africa Limited and the Africa Export- Import Bank.

“The importance of the road show is to develop capacity and empower Gambian business and Africa economy in general.” 

Senghore revealed that The Gambia Investment and Export promotion Agency (GIEPA) is the country’s national agency established by an Act of Parliament in 2010 responsible for the promotion and facilitation of private sector investments into the country.

“In the board terms, GIEPA aims to promote a conductive business environment, attract investments, develop exports and support businesses with the overriding objective of contributing towards value addition, employment creation and wealth generation.” he stated. 

Also speaking, Eric Monchu Intong, Regional Chief Operating Officer for Anglophone West Africa, AfreximBank, noted that for the Gambian economic transformation agenda to be achieved, there needs to be a strong, viable and sustainable financial sector. He indicated that this underscores why the roadshow is important to financial institutions in the Gambia.

“Afreximbank’s mandate enables the Bank to complement what financial institutions do in financing key sectors in the country to foster economic growth.”

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