Prime Minister Philip Brave Davis signed a $200 million agreement with the African Export-Import Bank (Afreximbank) yesterday, focused on developing climate-resilient and trade-enhancing infrastructure in The Bahamas, according to the Office of the Prime Minister (OPM). The agreement was finalized in Barbados during the 48th CARICOM Heads of Government Meeting.
The partnership will fund essential projects in road construction, energy development, and other key areas of economic infrastructure. The OPM outlined that the framework agreement establishes a structured approach for collaboration between The Bahamas and Afreximbank, drawing on the bank’s expertise in project financing, advisory services, and development.
A joint working group made up of representatives from both parties will oversee the identification, planning, and execution of strategic infrastructure projects. The agreement also includes clear criteria for selecting projects, ensuring transparency and accountability throughout the process.
This new agreement strengthens the already solid relationship between The Bahamas and Afreximbank. Earlier this year, The Bahamas agreed to host the 31st Afreximbank Annual Meetings and the Third AfriCaribbean Trade and Investment Forum in Nassau. These events aim to enhance trade and investment ties between Africa and the Caribbean, underscoring the shared histories and cultures of the regions to stimulate mutual economic growth.
Prime Minister Davis emphasized that this agreement reflects the government’s commitment to fostering economic development and improving the quality of life for Bahamians. He noted that by investing in sustainable infrastructure, The Bahamas aims to build a stronger, more resilient economy and secure long-term prosperity for its citizens.
“This ongoing partnership with Afreximbank is a testament to our mutual commitment to shared growth and addressing common challenges through collaborative efforts,” the OPM added.
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