Africa-Caribbean trade reportedly set for boost with Afreximbank’s $180 million Barbados project

The African Export-Import Bank (Afreximbank) has reportedly commenced the development of a US$180 million Africa Trade Centre in Barbados, aimed at strengthening trade and investment ties between Africa and the Caribbean.

The facility, set to be located in Bridgetown, is expected to serve as a hub for trade facilitation, business networking, and financial services, enhancing economic collaboration between the two regions.

Speaking at the groundbreaking ceremony, Afreximbank President and Chairman of the Board of Directors, Prof. Benedict Oramah, underscored the significance of the project, calling it a concrete step in reclaiming Africa’s destiny and deepening ties with the Caribbean.

“For the first time in Africa’s relationship with its diaspora, we are matching our words with concrete action,” Oramah stated.

He added: “This Centre will serve as the gateway for Afro-Caribbean trade and investment, reinforcing a partnership that will no longer succumb to the divide-and-conquer strategies of slavery and colonialism.”

According to a statement, the Africa Trade Centre would house office spaces, a conference centre, a hotel, and other commercial facilities to support African businesses looking to expand into Caribbean markets.

The statement further claimed that the center would align with Afreximbank’s broader strategy to promote South-South trade and economic integration.

Afreximbank is investing US$180 million in the project, which is expected to create 1,000 jobs during construction and 300 permanent positions upon completion in approximately 30 months.

The statement indicated that the initiative aligned with the bank’s expanded commitment to the Caribbean, with credit limits for CARICOM countries increasing from US$1.5 billion to US$2.5 billion.

Barbadian Prime Minister Mia Mottley, who played a key role in facilitating Afreximbank’s expansion into the Caribbean, was commended for her leadership in the initiative.

Oramah emphasized that Bridgetown, as the launchpad of Afreximbank’s Caribbean operations, would become the epicenter of Afro-Caribbean trade.

Beyond trade and investment, Afreximbank is also said to be deepening its social and economic contributions in the region.

The bank reportedly increased its credit limit for CARICOM states to US$2.5 billion, up from US$1.5 billion, and has a US$300 million deal pipeline underway.

Plans are said to include the creation of a Caribbean EXIM Bank, support for small hotel owners with a US$50 million tourism facility, and a US$3.5 million investment in urban renewal projects near the AATC.

“The Bridgetown AATC will become the undisputed go-to facility for Afri-Caribbean trade and investment,” Oramah stated.

He added: “It will serve as a beacon of prosperity, self-confidence, and shared success between Africa and the Caribbean.”

The Bridgetown centre is also expected to be connected to similar AATCs in Nigeria, Zimbabwe, Egypt, Uganda, Côte d’Ivoire, and Cameroon, fostering global trade collaboration.

WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.