At the opening of the 7th edition of the Financial Afrik Awards on Friday, January 23 in Banjul, Gambian President Adama Barrow made a pressing appeal to financial institutions, especially banks, to become central partners in financing infrastructure in Africa. In a speech marked by “strategic urgency,” he emphasized that the development of resilient partnerships between Africa and the Arab world would necessarily require a concrete and massive financial commitment from the banking sector.
The head of state identified banks as key players in realizing projects in the key sectors he listed. He thus invited these institutions to direct their capital towards financing transportation infrastructure, housing, agriculture, tourism, and energy – an area in which The Gambia has already made significant progress, increasing electricity coverage from 30% to 80%, according to Mr. Barrow. He described the tourism sector as the “cornerstone of the economy” which, he said, requires structuring investments that cannot succeed without proactive banking support.
For Adama Barrow, this appeal goes hand in hand with the promotion of Public-Private Partnerships (PPP) and the implementation of favorable reforms. He stressed the need to create a regulatory and financial environment “conducive to development,” secure for investors, and facilitating knowledge transfer. According to his vision, this reformed ecosystem should encourage and enable banks to fully play their role as a lever for sustainable infrastructure.
The Gambian head of state’s intervention at the Financial Afrik Awards went beyond mere observation to become a direct invitation to the world of finance. The message is clear: without the mobilization of banks and their ability to finance the future, infrastructure projects, vital for growth and regional integration, will remain mere statements of intent. It is a tripartite partnership involving states, the private sector, and financial institutions that the Gambian president calls for to build shared prosperity.
Currently, around ten banks operate in the country. Among them are Access Bank, Ecobank, and Vista Bank.
