Jamaica has officially acceded to the Establishment Agreement of the African Export-Import Bank (Afreximbank), becoming the 13th Caribbean Community (CARICOM) Member State to join the African multilateral financial institution.
The historic signing took place last week on the sidelines of the 49th Regular Meeting of the Conference of Heads of Government of the Caribbean Community.
Jamaica’s accession represents a major milestone in the growth of Global Africa, an intercontinental partnership focused on economic transformation and self-determination for African nations and their diaspora. This move unlocks an additional US$1.5 billion in financing for Jamaica and other Caribbean economies, increasing Afreximbank’s total approved facility for the region to US$3 billion, contingent on full CARICOM membership.
At the signing ceremony, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, highlighted the mutual benefits of the partnership.
“We are thrilled to welcome Jamaica into the Afreximbank family. Jamaica’s accession to the Partnership Agreement marks a pivotal step towards realising the vision of our forefathers—a united and prosperous Global Africa, built on a platform of South-South cooperation. The Partnership Agreement unlocks Afreximbank’s financing solutions, trade facilitation tools, and investment opportunities, empowering Jamaican businesses to access African markets while fostering reciprocal trade,” he said.
Jamaica’s Prime Minister, Dr. The Most Honourable Andrew Holness, expressed optimism about the benefits Jamaica’s membership will bring.
“This is a significant and strategic step that strengthens Jamaica’s ability to access increased trade financing, investment support, and technical assistance. The agreement creates real opportunities for Jamaica to benefit from Afreximbank’s expanding suite of financial instruments, including trade guarantees, project financing, and capital support tailored to the needs of developing economies. It positions Jamaica to tap into new sources of funding for critical sectors such as manufacturing, logistics, agriculture, and the creative industries, while laying the foundation for deeper collaboration between African and Caribbean businesses,” Holness stated.
This milestone builds on momentum from the inaugural AfriCaribbean Trade and Investment Forum (ACTIF), held in Bridgetown, Barbados, in September 2022, where Caribbean nations reaffirmed their commitment to closer Africa-Caribbean cooperation. Since then, Afreximbank has hosted successive ACTIFs in Guyana (2023) and The Bahamas (2024), with the fourth forum scheduled for July 28–29, 2025, in Grenada.
Since opening its regional office, Afreximbank has approved over US$700 million in financing across the Caribbean, with a pipeline exceeding US$2 billion. Investments have supported key sectors such as energy, tourism, education, and small business development in Barbados, St. Lucia, Suriname, Grenada, and The Bahamas. Additionally, the Bank provided over US$4.3 million in pandemic-related assistance through the Africa Vaccine Acquisition Task Team (AVATT) to The Bahamas, Antigua & Barbuda, and Trinidad & Tobago.
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