Afreximbank board approves US $1.5 billion funding for participating states in the Caribbean
St Vincent and the Grenadines are among other CARICOM countries that stand to benefit as the Board of Directors of African Export-Import Bank (Afreximbank) approved US$1.5 billion to allow member states to access the Bank’s financial instruments.
The US$1.5 billion loan agreed by Afreximbank’s Board of Directors allows CARICOM countries to use the Bank’s financing instruments through facilities that assist tourism, healthcare, renewable energy, shipping, mining, agriculture, agribusiness, air connectivity, and aquaculture. Afreximbank will help local banks finance SMEs.
This Board approval followed the entrance of 9 CARICOM member countries to the Afreximbank Partnership Agreement, which was launched in Bridgetown, Barbados, on 1 September 2022. Other signatories include Barbados, Guyana, The Bahamas, Antigua and Barbuda, Dominica, St. Kitts and Nevis, St. Lucia, and Suriname.
Upon admission to the agreement, CARICOM member countries become Afreximbank Participating States, providing the Bank the same advantages and immunities it enjoys in its African Participating States. It enables Afreximbank’s Caribbean activities.
The Partnership Agreement between Afreximbank and CARICOM consolidates the Bank’s efforts to promote and enhance South-South trade, notably commerce between Africa and the Caribbean. Afreximbank defines intra-African commerce as the flow of commodities and services between African countries and the Diaspora.
Afreximbank-led trips to the Caribbean identified these crucial sectors. Afreximbank is trying to promote CARICOM investors and financial institutions to possibilities in all industries across Africa as part of its twinning efforts and investment promotion activities.
Professor Benedict Oramah, President and Chairman of Afreximbank’s Board of Directors, said, “This approval of US$1.5 billion in funding is another big step in the historic reconnection between Africa and the Caribbean.” Afreximbank is now ready to function in CARICOM, which we welcome as Participating States.
