Barbados Prime Minister Mia Mottley has defended her government’s decision to donate two hectares of land at a historic site in Bridgetown for the construction of the first Afreximbank African Trade Centre (AATC) outside of Africa.
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Speaking at the groundbreaking ceremony on Monday, Mottley emphasized that Barbados has a long history of making similar land grants to international institutions.
The ceremony, attended by the President of the Cairo-based Africa Export-Import Bank (Afreximbank), Professor Benedict O. Oramah, marked the beginning of construction on the AATC. However, the land donation has sparked controversy among some Barbadians who oppose gifting national land to a multinational financial organization.
Afreximbank, which established its CARICOM branch in Barbados in August 2023, described the project as a commitment to strengthening trade ties between Africa and the Caribbean. The bank envisions AATCs as transformative hubs designed to enhance trade, empower businesses, and drive economic diversification.
Mottley reiterated that the AATC was not just about business, but about economic empowerment. She highlighted the historical significance of the site, which was home to Barbados’ first hospital for emancipated slaves, opened in 1844. “There can be no better use for this site than ensuring it continues to serve the people’s prosperity,” she said.
Responding to criticism, Mottley pointed out that Barbados has previously provided land for institutions such as the United Nations House and the Caribbean Examinations Council. She also referenced the donation of land to establish the Caribbean Development Bank over 50 years ago, stressing that such contributions benefit the nation in the long run.
Professor Oramah praised the initiative, stating that Bridgetown was a fitting location given its historical ties to Africa. He revealed plans for the AATC to feature twin 12-storey towers, a hotel, Afreximbank offices, and rental spaces for Caribbean and African businesses. The facility will also include tech and SME incubation hubs, a digital trade gateway, and conference facilities linked to AATCs in Africa.
Afreximbank will invest approximately US$180 million in the project, which is expected to create 1,000 jobs during construction and 300 permanent jobs upon completion. The bank has also expanded its credit facilities for CARICOM from US$1.5 billion to US$2.5 billion.
Oramah projected that the AATC would be completed within 30 months, providing a crucial platform for strengthening trade and investment between Africa and the Caribbean. “This trade centre will help heal old wounds and unlock an era of shared prosperity,” he said.
