… Bank Pledges Expanded Investment in Infrastructure, Tourism, Agriculture and Trade Integration
By|| Goodluck E. Adubazi ||Abuja
The Pan-African multilateral lender African Export-Import Bank (Afreximbank) has significantly increased its financial commitment to the Caribbean Community (CARICOM), raising its regional financing limit from US$3 billion to US$5 billion over the next three to four years.
The announcement was made during the 50th Regular Meeting of the Conference of Heads of Government of CARICOM held in Basseterre, St. Kitts and Nevis, where Afreximbank President Dr. Benedict Oramah Elombi outlined an ambitious plan to deepen the Bank’s footprint across the region.
The expanded facility builds on more than US$750 million already disbursed and a pipeline exceeding US$2 billion in projects currently under execution, signaling what the Bank described as a decisive scale-up in support to both governments and private sector entities.
“We will increase the global limit to this region from the current US$3 billion to US$5 billion, with the hope of achieving full utilisation over the next three to four years,” Dr. Elombi told regional leaders.
Dr. Elombi said Afreximbank’s long-term vision is to help reshape the structure of Caribbean economies by investing in value addition and processing of agricultural outputs and natural resources.
The strategy aims to retain greater economic value within the region, create jobs, boost incomes, and generate increased government revenues through expanded industrial and commercial activity.
Targeted Sector Investments
Afreximbank outlined a broad slate of priority interventions across several CARICOM member states:
Healthcare development in Barbados, Guyana, and Grenada
Tourism projects in Barbados, Grenada, The Bahamas, and Antigua and Barbuda
Agro-processing and logistics facilities in Barbados, Guyana, Antigua and Barbuda, and St. Kitts and Nevis
Infrastructure projects, including power generation, road construction, conferencing facilities and trade centres in Grenada, Jamaica, The Bahamas, and Suriname
The Bank also announced financing support for commercial banks in Suriname, Saint Lucia, Grenada and Dominica, including SME-focused on-lending facilities to development banks.
In addition, Afreximbank will promote local content participation in natural resource sectors, work toward improving sea and air interconnectivity across the Caribbean, and expand its Creative Africa Nexus Programme to strengthen cultural and creative industries between Africa and the Caribbean.
Following discussions with the Eastern Caribbean Central Bank, Afreximbank agreed to support a regional development strategy aimed at doubling the size of the Eastern Caribbean economy within a decade. Planned investments will focus on infrastructure, power, agriculture, and production processing.
Dr. Elombi also welcomed the decision by CARICOM central bank governors to proceed with a regional Payment and Settlement System modeled on the Pan-African Payment and Settlement System (PAPSS), pioneered by Afreximbank in 2022. The proposed platform is expected to facilitate low-cost, real-time cross-border transactions in local currencies, deepening regional trade and economic integration.
The Bank reaffirmed its commitment to establishing the Afreximbank African Trade Centre in Bridgetown, Barbados, and advancing plans for a Caribbean Eximbank to finance transformative investments across the region.
Dr. Elombi noted that Afreximbank is already working with African institutions, including Access Bank, Oando, and Arise Integrated Industrial Platforms, to expand their presence in the Caribbean. Arise Integrated Industrial Platforms is exploring the development of special economic zones in several countries.
In statements, Vincent Musumba
Communications and Events Manager (Media Relations) noted that
St. Kitts and Nevis will host the fifth Africa-Caribbean Trade and Investment Forum (ACTIF2026) in July, an event expected to convene business leaders, policymakers and investors from across Global Africa. The forum will feature panel discussions, business matchmaking sessions, cultural showcases and investment deal signings.
The CARICOM meeting, held under the theme “Beyond Words: Action Today for a Thriving, Sustainable CARICOM,” brought together regional heads of government and international partners to chart a course for deeper integration and sustainable growth.
Dr. George Elombi, President of Afreximbank speaks at the 50th regular meeting of the Conference of Heads of Government of the CARICOM in Basseterre, St Kitts and Nevis
