The African Export-Import Bank (Afreximbank) recently opened its Caribbean office, marking a significant stride in enhancing ties between the African and Caribbean regions.
Among the distinguished attendees at the event were Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank; Hon. Mia Amor Mottley, the Prime Minister of Barbados; Olusegun Obasanjo, former President of Nigeria and Chairman of the Intra-African Trade Advisory council; and various luminaries from both Africa and the Caribbean Community (CARICOM).
During the event, Afreximbank confirmed the provision of a $1.5 billion credit limit to back qualifying CARICOM nations.
The new Caribbean branch of the Bank will bolster the Partnership Agreement between Afreximbank and CARICOM states, fostering greater trade and investment affiliations between the two regions.
This development underpins Afreximbank’s strategy to augment trade between Africa and the Caribbean, aligning with the African Union’s classification of the African Diaspora as Africa’s sixth geographical region.
Prof. Oramah underscored the essential role the Caribbean office will play in expediting the Bank’s activities in the CARICOM area. The presence of this office ensures that Afreximbank’s services and initiatives are more accessible to the regional business sector, promoting more robust affiliations with regional governments and supporting shared objectives.
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Afreximbank president Benedict Oramah champions stronger ties with Caribbean partners
A vision for future trade
Looking ahead, Oramah envisions seamless trade implementations, expanded business engagements across CARICOM nations, and enhanced outcomes from their alliances. He also anticipates the establishment of various Afreximbank subsidiaries within CARICOM, leading to the integration of CARICOM and African financial systems for the mutual benefit of their populations.
The Prime Minister of Barbados, Hon. Mia Amor Mottley, highlighted Africa’s unwavering support for the Caribbean, particularly during the COVID-19 pandemic.
She praised the inauguration of the Afreximbank Caribbean office as a fulfillment of commitments made during the inaugural AfriCaribbean Trade and Investment Forum in Barbados in 2022.
Afreximbank’s commitment to CARICOM nations
By December 2022, Afreximbank’s Board of Directors had sanctioned a $1.5 billion fund to assist CARICOM member states that had ratified the Partnership Agreement.
As of July 2023, eleven of the fifteen CARICOM nations had entered into the Agreement. This financing is intended to invigorate vital economic sectors, amplify trade infrastructure, and buttress trade and investments between Africa and CARICOM states, all while assisting small to medium enterprises.
The Bank has also indicated its intention to augment the credit limit to $3 billion.
With 30 years under its belt, Afreximbank stands as a pivotal Pan-African multilateral finance entity. Its chief objective is to foster both intra and inter-African trade.
The Bank champions the African Continental Free Trade Agreement (AfCFTA) and has unveiled a Pan-African Payment and Settlement System (PAPSS), endorsed by the African Union, to buttress the execution of the AfCFTA.
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