Afreximbank Inaugurates CARICOM Office in Barbados, Strengthens Trade Relations


The opening of Afreximbank CARICOM office in Barbados on Aug. 4, 2023

The African Export-Import Bank (Afreximbank) has marked a significant milestone with the official opening of its CARICOM office in Barbados. The inauguration ceremony, held on August 4, 2023, was attended by distinguished guests, including Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, and the Hon. Mia Amor Mottley, Prime Minister of Barbados.

Other esteemed figures who graced the event, include Dr. the Hon. Ralph Gonsalves, Prime Minister of St. Vincent and the Grenadines, the Hon. Phillip Pierre, Prime Minister of St. Lucia, and the Hon. Dickon Mitchell, Prime Minister of Grenada. H.E President Olusegun Obasanjo (GCFR), former President of Nigeria and Chairman of the Intra-African Trade Advisory Council, also participated in the occasion, along with other dignitaries from Africa and the Caribbean community regions.

The newly inaugurated Afreximbank CARICOM Office is poised to play a pivotal role in the implementation of the Partnership Agreement between Afreximbank and CARICOM member states. A key aspect of the partnership involves a substantial financial commitment. The Board of Directors of Afreximbank approved US$1.5 billion in funding in December 2022, enabling CARICOM member states that ratified the Partnership Agreement to access the bank’s various financial instruments. As of July 2023, 11 out of the 15 CARICOM member states had signed the Partnership with Afreximbank.

This financial support is targeted at bolstering critical economic sectors, enhancing trade-enabling infrastructure, and providing vital assistance to small and medium enterprises. Furthermore, Afreximbank has demonstrated its dedication to this collaboration by committing to increase the credit limit to US$3 billion.

The agreement aims to amplify Africa-Caribbean trade and investment relations, fostering economic growth and mutual benefits. The bank’s commitment aligns seamlessly with its Diaspora Strategy and the African Union’s recognition of the African Diaspora as Africa’s sixth region.

In his remarks, Prof. Oramah emphasized the critical role of the Afreximbank CARICOM office in facilitating the bank’s operations within the Caribbean Community. This strategic move will bring Afreximbank’s diverse range of products and initiatives closer to the business community, fostering stronger relations with governments in the region. “Over time, CARICOM and African financial systems will become better integrated for the benefit of our people,” he affirmed.

Prime Minister Mia Amor Mottley commended the establishment of the Afreximbank CARICOM office, noting Africa’s steadfast support during the COVID-19 pandemic. She highlighted the instrumental role of Africa in facilitating access to essential medical supplies and vaccines through mechanisms like the African Medical Supplies Platform, facilitated by Afreximbank.



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