Barbados now has an Afreximbank CARICOM office

In addition to reiterating the US$1.5 billion credit ceiling made available to support qualifying CARICOM States, the African Export-Import Bank (Afreximbank) has formally launched the CARICOM office of the Bank in Barbados.

The Hon. Mia Amor Mottley, Prime Minister of Barbados, and other dignitaries attended the opening on Friday under the leadership of Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank.

Among the dignitaries were Dr. the Hon. Ralph Gonsalves, Prime Minister of St. Vincent and the Grenadines, as well as the Hon. Phillip Pierre, Prime Minister of St. Lucia, and the Hon. Dickon Mitchell, Prime Minister of Grenada.

Other leaders from Africa and the Caribbean community regions also attended the event, including H.E. President Olusegun Obasanjo (GCFR), a former president of the Federal Republic of Nigeria and the chairman of the Intra-African Trade Advisory Council.

According to a statement released by the bank on Saturday, the Afreximbank CARICOM Office will aid in the implementation of the Partnership Agreement between Afreximbank and CARICOM member nations designed to strengthen trade and investment ties between Africa and the Caribbean.

As part of its Diaspora Strategy and in accordance with the African Union’s designation of the African Diaspora as Africa’s sixth region, the Afreximbank’s efforts to promote and grow trade between Africa and the Caribbean are furthered by this action.

Speaking at the occasion, Oramah stated that the opening of the Afreximbank CARICOM branch was still essential for facilitating Bank activities in the Caribbean Community.

In addition to ensuring that Afreximbank quickly ramps up operations to foster deeper relationships with the Governments in the region towards the pursuit of jointly stated priorities, it will bring its activities and products closer to the business community.

“With the opening of the CARICOM Office, we can anticipate easier implementation of measures relating to trade and access to financing, increased business origination among CARICOM member states, and more significant outcomes from our relationship.

In particular, the Fund for Export Development in Africa (FEDA), PAPSS, and AfrexInsure are Afreximbank subsidiaries that we hope will settle in the CARICOM.

For the interest of our people, he continued, the financial systems of CARICOM and Africa would eventually become better linked.

Hon. Mia Amor Mottley, the Prime Minister of Barbados, spoke a few things.

In reference to the support provided through the African Medical Supplies Platform during the COVID-19 pandemic, she said that Africa has been a devoted friend to the Caribbean.

She claimed that with the help of Afreximbank’s payment system, Africa had opened its doors to the Caribbean Community and made it easier for them to get tools, medications, and ultimately vaccines.

Following that, Mottley praised the opening of the Afreximbank CARICOM office, saying that it was the fulfilment of commitments made by the Bank during the first AfriCaribbean Trade and Investment Forum, which was held in Barbados in 2022.

“This is not only a historic achievement; it is also a sensible course of action.

“That will be advantageous to our regional private sector and our regional state-owned enterprises, who require access to a more sympathetic, reasonable bank and one willing to take chances that would enable our people to advance and flourish to the next level.

CARICOM member states include Antigua and Barbuda, Belize, Dominica, Grenada, Haiti, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, The Bahamas, Barbados, Guyana, Jamaica, Suriname, Trinidad and Tobago, according to the News Agency of Nigeria (NAN).

The Caribbean Community (CARICOM) member states that had ratified the Partnership Agreement with the African Export-Import Bank (Afreximbank) were given authorization to receive US$1.5 billion in funds in December 2022 so they could access the Bank’s different financial instruments.

By July 2023, the Partnership with Afreximbank had been ratified by 11 of the 15 CARICOM member states.

The funding will be used to help important economic sectors with the goal of accelerating the construction of trade-enabling infrastructure.

Additionally, it aims to help small and medium-sized businesses while fostering trade and investment between Africa and the CARICOM member states.

The bank has additionally agreed to raise the credit ceiling to $3 billion USD. (