On August 4, 2023, Barbados will open Africa’s Exim Bank regional headquarters.
The Bank’s choice of Barbados as its headquarters honored Mottley.
“We’re delighted to host the Africa Exim Bank’s regional headquarters in Barbados. We are working toward the opening ceremony, and they have already selected an office space and are making the necessary preparations to become fully functional,” Prime Minister Mottley said.
She said the Africa Exim Bank had provided US$1.5 billion for regional public and private sector projects. Technical help was also highlighted.
“The Pan-African Payments and Settlement System pilot project provides a key benefit. This will greatly affect commerce and transactions. It simplifies and reduces the need for large amounts of hard currency,” Prime Minister Mottley said.
She said the Africa Exim Bank’s payment system will support their operations in Africa. This would streamline trading by netting transactions and reducing foreign currency swaps.
“By netting trade balances and paying only the difference in hard cash, we may clear our debts. This will significantly reduce the absolute amount of US dollars required, making a tremendous difference for our region,” Prime Minister Mottley explained”.
She hopes more CARICOM countries would join the program in the coming months to provide financial support.
