Professor Benedict Okechukwu Oramah, president and chairman of the Board at the African Export-Import Bank (Afreximbank), has welcomed Jamaica’s formal accession to the partnership agreement between CARICOM and the bank, which adds an additional US$1.5 billion in financing to the Caribbean region.
With Jamaica’s signature, 13 of the 15 CARICOM member states have now acceded to the partnership agreement, which was introduced by Afreximbank in 2022, following the African Union’s 2008 resolution designating the African Diaspora as the sixth region of Africa.
The move, solidified through the signing of a memorandum of understanding during the 49th CARICOM Heads of Government meeting in Montego Bay, Jamaica, pushes total available funds for the region to US$3 billion, aimed at deepening trade and investment ties between Africa and the Caribbean.
Describing Jamaica’s signature to the agreement as “an incredible opportunity for even greater transformative impact,” Professor Oramah said that it strategically positions the bank to deepen its financial engagement in the region, including potential long-term capital investments to support the growth and development of SMEs in Jamaica.
Echoing the sentiment, Okechukwu Ihejirika, acting chief operating officer for Afreximbank’s Caribbean Office added:
“The initiative the bank has taken coming into the region is something that no other institution can make happen apart from Afreximbank and I am happy for the response from the governments in the CARICOM region. That shows that we are now ready to forge a greater partnership between Africa and CARICOM. This is something no other entity can do for us and we are now rising up to the challenge.”
The bank’s leadership made the remarks at an African-Caribbean side event during the CARICOM Heads of Government 49th meeting, sponsored by JN Bank (one of Jamaica’s top three commercial banks) and Afreximbank. The event was organised by NTT Global Destinations, a trailblazing African tourism and trade consultancy company.
In declaring the event open, Dr Andrew Holness, Jamaica’s Prime Minister and chair of CARICOM, also stressed the importance of moving beyond the signing of the agreement to implementing practical mechanisms for trade. These, he noted, include settlement in local currencies, cross-listings on regional stock exchanges, and harmonised standards to reduce non-tariff barriers.
He also underscored the critical role of the private sector, stating, “Financial institutions, including JN Bank which I must commend, will have a key role to play in these regulations, not just through funding but through innovation in fintech, small and medium-sized enterprise (SME) financing, and diaspora bonds.”
Keith Levy, JN Bank chairman also affirmed the institution’s readiness to support the efforts while hailing Jamaica’s accession, noting that the formalisation of the partnership agreement opens the door for Jamaica to connect capital with key opportunities for bilateral growth.
“The Caribbean needs a diversification of financing for important initiatives across this region including investments in infrastructure, technology and cultural assets,” he shared. “We also see the growing economic activities in Africa in areas such as science, technology, and medicine, coupled with the fact that there is a young, educated population who will purchase goods and services and visit the Caribbean as tourists. Through trade and cooperation, we can and shall achieve mutual economic growth.”
Reflecting on the origins of the JN Group, the parent company of JN Bank, which was founded in the 1800s to provide financial security to still relatively recently emancipated Africans in Jamaica, Mr Levy noted that the partnership and discussions at the side meeting are key steps towards unlocking broader economic freedoms for people of African descent.
“The Caribbean people are part of the African diaspora and as such we must take advantage of the opportunities that are available in Africa and the Caribbean. You can fight against many things but you cannot fight against the demographics of the world,” he said.
“There are similarities in the objectives of Afreximbank, JN Bank, JN Group and NTT and all this interest comes about bridging transportation and all links between African and the Caribbean. Today is one giant step for the Caribbean and Africa,” he added.
The side event of the CARICOM Heads of Government Meeting, which featured a African-Caribbean Symposium and African Village, was held at the Half Moon Hotel Conference Centre under the theme: ‘From Shared Roots to a Shared Future: Africa and the Caribbean Unite’.
