Africa50 completes historic $100 million asset recycling programme

Banjul, The Gambia – 16 October 2024 – Africa50, the pan-African infrastructure investor and asset manager, has officially assumed operations of the Senegambia Bridge after disbursing the first $15.5 million tranche of a $100 million Asset Recycling program with the Government of The Gambia.

The newly established Transgambia Bridge Company Ltd. will manage the project, created through a Shareholders Agreement between both parties. This important milestone signifies the start of extensive upgrades to improve operational efficiency and maximize regional trade as part of Africa50’s flagship Asset Recycling Program.

Africa50 is pioneering an innovative model to mobilize private capital to accelerate the delivery of bankable infrastructure projects across Africa. Asset recycling enables governments to concession infrastructure assets to private investors for a predetermined period, releasing public funds to invest in other critical infrastructure projects. It allows African governments with limited fiscal space to free up valuable resources for development priorities.

Located on the critical Trans-Gambia road corridor linking Dakar in Senegal to Banjul in the Gambia, the Senegambia Bridge plays a pivotal role in facilitating the efficient movement of goods and people within the West African sub-region.

Upgrade works

A recent groundbreaking ceremony at the Senegambia Bridge will now pave the way for upgrade works to commence, which will include:

• The construction of a new Administrative Block
• The construction of a new Operations and Maintenance Centre
• The Modernization of the two toll plazas including the installation of new toll booths, IT equipment, surveillance systems, and construction of new canopies
• The construction of two new Weighing Stations on each side of the bridge

Seedy K. M. Keita, Minister of Finance and Economic Affairs of The Gambia said: “We are delighted to be working in partnership with Africa50 to unlock the full economic potential of the Senegambia Bridge via this innovative asset recycling program. The initiative will release significant capital for the government to invest in other vital infrastructure projects across the country. Moreover, this project will create jobs and stimulate trade in the wider region”.

Demba Diallo, Managing Director and Head of Project Development at Africa50, said: “This project demonstrates the strategic value unlocked for African economies through Asset Recycling. By enhancing the efficiency and safety of the Senegambia Bridge, we are not only boosting regional connectivity and trade but also creating jobs and fostering long-term economic growth. We are pleased to collaborate with the Government of The Gambia to ensure that the bridge provides additional economic value to the country without increasing public debt”.

The introduction of automatic tolling lanes and modernized infrastructure will improve operational efficiency and substantially reduce transit times. The installation of 24-hour surveillance, advanced traffic management systems, and overload control centers will improve user safety while ensuring the structural integrity of the bridge. The project will create a total of 235 direct jobs during both the construction and operational phases, with 175 jobs generated during construction and an additional 60 permanent positions being created for operational staff once the upgrades are completed.

Kader Hassane, Managing Director of Transgambia Bridge Company Ltd., said: “As an additional value to the country, we will bring best-in-class management to this project, through our portfolio company, the Transgambia Bridge Company. This will enable the bridge to remain in exceptional shape for the duration of our concession while improving its efficiency”.