The Gambia has secured $100 million in trade financing from the Arab Bank for Economic Development in Africa (BADEA), with the facility expected to support businesses importing essential goods and commodities.
The agreement was signed in Riyadh, Saudi Arabia, by Finance Minister Seedy Keita and BADEA President Abdullah Al-Musabbeh, according to the Minister of Information, Media and Broadcasting Services.
The government said the facility will improve access to financing for Gambian importers and help maintain supplies of essential goods in the domestic market.
It is also expected to support businesses, trade and wider economic activity by helping importers meet financing needs amid disruptions to international supply chains.
“This is really good for Gambian businesses, but also for Gambian trade and commerce,” the information minister said.
He said the facility could help importers manage global supply-chain disruptions and maintain the flow of essential commodities into the country.
The agreement comes amid continuing pressures on international shipping and supply chains linked to the conflict in the Middle East. The minister cited disruptions affecting major trade routes, including the Strait of Hormuz, as contributing to increased logistical challenges.
“This is important, particularly during this period when we have this war in the Middle East that has put enormous strain on supply chain logistics,” he said.
The government said the financing is expected to provide greater support to businesses that depend heavily on imports.
The Gambia remains significantly dependent on imports to meet domestic demand for food, fuel and other essential commodities, making access to trade finance important for importers and the wider economy.
However, the government announcement did not provide details on the facility’s interest rate, repayment period, disbursement schedule, eligibility requirements or how much individual businesses will be able to access.
The government said the $100 million facility would strengthen the capacity of Gambian businesses to finance imports while supporting the availability of essential commodities and domestic trade.
