This agreement between The Gambia and the Development in Africa (BADEA) has finalized a USD 100 million trade finance facility with the Gambian government. Announced on 2 September, this deal represents the second instance of such financing provided by BADEA to the country.
The funds will support the importation of essential commodities and food security supplies into The Gambia, while also providing capital for various economic sectors and national development priorities.
BADEA stated that the agreement underscores its dedication to utilizing trade finance as a primary catalyst for Africa’s economic evolution. The bank noted: “BADEA continues to support productive investment, facilitate trade flows, promote infrastructure development and industrial growth, and contribute to job creation across the continent.”
BADEA President Abdullah Kh Almusaibeeh described the deal as “another landmark transaction” for the institution, noting that it creates a “pioneering framework for future collaboration with African counterparties”.
Seedy Keita, The Gambia’s minister of finance and economic affairs, remarked: “We are grateful for BADEA’s confidence in The Gambia. This partnership reflects our growing capacity to engage strategic partners of this calibre, as our track record continues to mature. It reinforces our position as a partner that supports long-term growth and contributes to the continent’s sustainable development.”
Legal counsel for the agreement was provided to both The Gambia and BADEA by an Ashurst Perkins Coie team, led by Dubai-based partner Clint Dempsey with assistance from senior associate Pronnoy Sengupta.
The firm commented: “The agreement represents a significant milestone in the partnership between BADEA and the government […] of The Gambia, underscoring the bank’s ongoing commitment to expanding its financing instruments and supporting sustainable development across the African continent.”
Dempsey added: “This transaction reflects the vital role that BADEA plays in supporting economic growth across Africa. It was a privilege to work alongside both parties on closing this deal, and we look forward to seeing the positive impact the facility has.”
In other recent market activity, the Bank of Industry finalized Nigeria’s largest non-government bond issuance earlier this month, valued at USD 207 million, with legal advice provided by Aluko & Oyebode and Olaniwun Ajayi.
