Thursday 17 August 2017

Afreximbank says it will invest up to $500 million in Gambia, to boost the economy

Afreximbank says it will invest up to $500 million in Gambia, to boost the economy
(Xinhuanet 05/18/17)
Afreximbank says it will invest up to $500 million in Gambia, to boost the economy

In order to revive Gambia’s weak economy, which was shunned by investors during president Jammeh’s rule, Caira-based lender African Export Import Bank (Afreximbank) said it will invest up to $500 million in the country. This was announced by the bank’s president, Benedict Oramah on Monday after meeting with President Adama Barrow.

According to the executive, the facility will be invested in tourism, infrastructure and agriculture. However, though he did not say when the financing would be released, he affirmed that Afrexim would soon send a technical team to Gambia.

"We would be doing integrated transport logistics that would lead to the expansion of the sea port so it can have the capacity to carry more goods and link it to the railway that would take goods all the way to Senegal and Mali," Oramah said.

Gambia recently experienced a political crisis as former president, Yaya Jammeh refused to leave power at the end of his term. Pressured by the international community, he finally did, leaving the presidency to Barrow. However, the current president inherited an economy with a debt of more than $1 billion.

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