The Caribbean Community (CARICOM) member nations now have access to US$1.5 billion in finance thanks to the African Export-Import Bank’s (Afreximbank) Board of Directors. This comes after nine CARICOM member nations joined the Partnership Agreement, which was introduced on September 1, 2022, in Bridgetown, Barbados, during the first Africa-Caribbean Trade and Investment Forum (ACTIF). The bank’s Diaspora Strategy includes attempts to foster and expand South-South commerce, particularly trade between Africa and the Caribbean. The Board of Directors of Afreximbank has given the organization permission to operate in the CARICOM member nations using US$1.5 billion in funds. Additionally, it will help local financial institutions find financing for SMEs. This is part of its twinning initiatives and investment promotion activities. The Bank will also expose African investors to investment opportunities in key sectors in the Caribbean.
On December 26th, Afreximbank (African Export-import Bank) announced that its board approved a USD 1.5Bn funding to enable member states of the Caribbean Community (CARICOM) that have ratified the Partnership Agreement with Afreximbank to tap into the Bank’s various financial instruments. The funding is aimed at supporting various economic sectors including tourism, healthcare, renewable energy, shipping, mining, agriculture and agribusiness, air links, and aquaculture. Afreximbank will also work to support local financial institutions to source finance for SMEs.
“In accordance with its Diaspora Strategy, the Partnership Agreement between Afreximbank and the CARICOM member states consolidates the Bank’s efforts to promote and enhance South-South commerce, notably trade between Africa and the Caribbean. The movement of goods and services between or among African nations, as well as the flow of products and services between Africa and Africans living abroad, is what the Afreximbank describes as intra-African commerce.” The bank commented on its announcement.
Afreximbank’s President and Chairman of the Board of Directors, Professor Benedict Oramah, said: “Another significant step has been taken in the historic reconnection that we are successfully establishing between Africa and the Caribbean with the Board of Directors’ approval of US$1.5 billion in funding. The CARICOM member nations, whom we are glad to welcome as Participating States in the Bank, will now be able to use Afreximbank services. To maintain the extraordinary momentum we have been creating since our meeting at the Africa-Caribbean Trade and Investment Forum in September 2022, and to jointly address the needs of the people in both of our regions for development through trade, we eagerly anticipate having all CARICOM members on board.”
Image provided by Afreximbank
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