By Anthony Emeka Nwosu
The African Export-Import Bank (Afreximbank) has announced a significant expansion of its financial engagement with the Caribbean Community (CARICOM), increasing its regional financing limit from US$3 billion to US$5 billion over the next four years. The announcement was made during the 50th Regular Meeting of the Conference of Heads of Government of CARICOM in Basseterre, St. Kitts and Nevis.
Speaking at the gathering, Dr. Elombi, representing Afreximbank, said the Bank’s vision for the next decade is to transform the structure of Caribbean economies by investing in value addition, agro-processing, and natural resource development. He explained that such investments would help retain wealth within local economies, generate jobs, improve livelihoods, and boost government revenues.
The Bank has already disbursed more than US$750 million across the region and has a pipeline of over US$2 billion in transactions under execution. With the new financing limit, Afreximbank intends to scale up support for both governments and the private sector.
Dr. Elombi outlined specific interventions, including healthcare facilities in Barbados, Guyana, and Grenada; tourism projects in Barbados, Grenada, the Bahamas, and Antigua and Barbuda; agro-processing and logistics initiatives in Barbados, Guyana, Antigua and Barbuda, and St. Kitts and Nevis; and infrastructure development in Grenada, Jamaica, the Bahamas, and Suriname. He also highlighted plans to support financial institutions in Suriname, St. Lucia, Grenada, and Dominica, with a focus on small and medium enterprises.
Beyond these projects, Afreximbank is working on frameworks to improve sea and air connectivity within the Caribbean, aiming to boost the movement of people, goods, and investments. The Bank is also expanding its Creative Africa Nexus Programme to strengthen cultural and creative industries, fostering trade and collaboration between Africa and the Caribbean.
Dr. Elombi confirmed that Afreximbank had reached an agreement with the Eastern Caribbean Central Bank to support a regional development strategy aimed at doubling the size of the Caribbean economy within a decade. Partnerships with African companies such as Access Bank, Oando, and Arise Integrated Industrial Platforms are already underway, with plans to establish special economic zones in several Caribbean countries.
The Bank reaffirmed its commitment to the Afreximbank African Trade Centre in Bridgetown, Barbados, and reiterated its intention to establish a Caribbean Eximbank to drive structural transformation. Dr. Elombi also welcomed CARICOM’s decision to adopt a regional payment and settlement system modeled on Afreximbank’s Pan-African Payment and Settlement System (PAPSS), describing it as a major step toward deepening regional trade and integration.
The CARICOM meeting, held under the theme “Beyond Words: Action Today for a Thriving, Sustainable CARICOM”, featured addresses from regional leaders, Commonwealth Secretary-General Dr. Carla Barnett, and Saudi Arabia’s Minister of State for Foreign Affairs, Mr. Adel al-Jubeir.
Looking ahead, St. Kitts and Nevis will host the fifth Afric-Caribbean Trade and Investment Forum (ACTIF2026) in July, bringing together stakeholders from across “Global Africa” for discussions, cultural showcases, and deal signings.
Afreximbank, headquartered in Cairo, Egypt, has been a key driver of intra-African and extra-African trade for over three decades. With total assets exceeding US$40 billion as of December 2024, the Bank continues to play a pivotal role in financing trade, supporting industrialization, and promoting regional integration.