The Board of Directors of African Export-Import Bank (Afreximbank) has approved US$1.5 billion funding to enable member states of the Caribbean Community (CARICOM) that have ratified the Partnership Agreement with Afreximbank to tap into the Bank’s various financial instruments.
This Board approval follows the accession of 9 CARICOM member countries to the Afreximbank Partnership Agreement which was launched on 1 September 2022, at the first Africa-Caribbean Trade and Investment Forum (ACTIF) held in Bridgetown, Barbados. Recently ratified by Barbados and in the process of being ratified by the other 8 signatories, the treaty remains open for accession to the 6 CARICOM members that have yet to sign.
Upon accession to the agreement, CARICOM member countries become Participating States in Afreximbank, conferring on the Bank the same privileges and immunities that it enjoys in the African Participating States that acceded to its Establishment Agreement. It unlocks the commencement of Afreximbank’s operations in the Caribbean.
The Partnership Agreement between Afreximbank and the constituent countries of CARICOM consolidates the Bank’s efforts to promote and develop South-South trade and specifically trade between Africa and the Caribbean in line with its Diaspora Strategy. Afreximbank defines intra-African trade as the flow of goods and services between or among African countries as well as the flow of goods and services between Africa and Africans in the Diaspora.
The US$1.5 billion financing approved by the Board of Directors of Afreximbank enables CARICOM countries to access the Bank’s financing instruments through financing facilities that support various identified economic sectors including tourism, healthcare, renewable energy, shipping, mining, agriculture, and agribusiness, air links, and aquaculture. Afreximbank will also work to support local financial institutions to source finance for SMEs.
These key sectors were identified following several Afreximbank-led business development and trade and investment promotion missions to the Caribbean. As part of its twinning initiatives, and investment promotion activities, Afreximbank is also working to introduce CARICOM investors and financial institutions to opportunities in all sectors across Africa, while exposing African investors to investment opportunities in key sectors identified in CARICOM countries.
Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, commented: “This approval by our Board of Directors of US$1.5 billion in funding is another giant step in the historic reconnection we are successfully forging between Africa and the Caribbean. Afreximbank is now all set to operate in the CARICOM member countries which we are pleased to welcome as Participating States in the Bank. We look forward to having all CARICOM members on board to maintain the extraordinary momentum we have been building since we met at the Africa-Caribbean Trade and Investment Forum in September 2022, and to respond together, through trade, to the development needs of the people of both our regions.”
These are not only baby steps but positive steps. After the condescending manner the U.S demanded African countries come to DC in December, under apparent due rest, sign MOU (for your own good) for all Cobalt in Zambia and DRC; the future of batteries, phones, solar etc.etc just as their ancestors did in the 1600s:
1607:
1st Aug – A Portugese, had all lands of Monomotapa (S.A) SIGNED to Portugal:
“I the emperor of Monomotapa, think fit and pleased to give to his majesty all the mines of gold, copper, iron, lead and pewter which may be in my empire, so long as the king of Portugal, to whom I give the said mines, shall maintain me in my position…” etc.etc
Dec 2022:
U.S Sec of state Bilken had DRC and Zambia sign a MOU (for your own good) for all Cobalt, main component in electric cars, batteries, solar etc. THE FUTURE!
Sign or die – Superior military & weapons implied.
We must help ourselves out of this.
6 caricom members have yet sign on this… ….interesting!!!
They are so used to World bank and IMF shaking them up to take those predatory loans that go right back to the Europeans’ banks, that without their hands tied they insinuate there’s a trick if they take their own loans.
We have some leaders in de Caribbean who don’t care about Africa ……..like they love money.
CDB, world Bank and EU put money on projects in project here and the biggest beneficiary is government officials pockets!!…….I worked on some of these projects
It would be a real shame to see African and Caribbean officials taking de decendants of slaves for a ride……again.
I remember Alison Madueke …….our leader has never come clean on their relationship………in these times and with someone sitting in the seat of PM who perhaps grew up with little but right now he appears to be more wealthy than the Commonwealth of Dominica.
I DON’T TRUST DAT MONEY!!!!!
How many times have skerrit visited Africa? What interests have skerrit ever shown in Africa?
We don’t have pan-africanists in leadership in CARICOM!!!
interests in Malaysia, China Venezuela, NOT AFRICA!!!!!
This money will go straight to their pockets and spoil our relationship with the African continent
@Dissident – Instead, heads of state of Indian heritage give their children Indian names, Spanish give their names but some non-PanAfricanist leaders give their kids European names like Ustenov,Dimitri, Mary. I’m yet to hear whites name their kids Kwame or Lumumba, go figure that one out.