Afreximbank has announced a major expansion of its engagement with the Caribbean Community (CARICOM), raising its regional financing limit from US$3 billion to US$5 billion. The African Export-Import Bank (Afreximbank) said the move aims to accelerate economic transformation across the Caribbean and support governments, the private sector, and local communities. Speaking at the 50th Regular Meeting of the Conference of Heads of Government of CARICOM in Basseterre, St. Kitts and Nevis, on 25 February, Afreximbank President Dr. Benedict Oramah Elombi said the Bank seeks to change the structure of regional economies. He said the Bank will invest in value addition for agriculture and natural resources to create jobs, generate wealth, and increase government revenues while retaining more value in local economies.
Afreximbank has already disbursed over $750 million in the region and has a pipeline exceeding $2 billion in transactions. The Bank plans to develop healthcare facilities in Barbados, Guyana, and Grenada, support tourism in Barbados, Grenada, Bahamas, and Antigua and Barbuda, and finance agro-processing and logistics projects in Barbados, Guyana, Antigua and Barbuda, and St. Kitts and Nevis. Investments in infrastructure, including power generation, road networks, trade centres, and conferencing facilities, will benefit Grenada, Jamaica, the Bahamas, and Suriname.
The Bank will provide SME-focused on-lending facilities to development banks in Suriname, St. Lucia, Grenada, and Dominica, while supporting local content promotion to empower entrepreneurs in resource-rich nations. Afreximbank is also creating frameworks for improved sea and air connectivity to boost trade, movement of goods, and investment flows, and it will expand the Creative Africa Nexus Programme to strengthen cultural and creative industries between Africa and the Caribbean.
Following discussions with the Eastern Caribbean Central Bank, Afreximbank confirmed it will back a regional development strategy aiming to double the size of the Caribbean economy within a decade. Partnerships with African companies such as Access Bank, Oando, and Arise Integrated Industrial Platforms are underway, with Arise IIP exploring special economic zones across multiple Caribbean countries.
Dr. Elombi reaffirmed the Bank’s commitment to establishing the African Trade Centre in Bridgetown, Barbados, and to advancing the creation of the Caribbean Eximbank to fund strategic investments. He welcomed CARICOM’s decision to implement the Payment and Settlement System modeled after Afreximbank’s PAPSS, which allows real-time cross-border payments in local currencies, enhancing trade integration. The 50th CARICOM Heads of Government meeting, themed “Beyond Words: Action Today for a Thriving, Sustainable CARICOM”, featured addresses by Commonwealth Secretary-General Dr. Carla Barnett and Saudi Minister of State for Foreign Affairs Mr. Adel al-Jubeir. St. Kitts and Nevis will host the fifth Africa-Caribbean Trade and Investment Forum (ACTIF2026) in July, which will feature business matchmaking, cultural showcases, and trade deal signings.
