The African Export-Import Bank has announced its intention to establish St. Vincent (SVG) as a prominent logistics hub, while also committing to sustain its financial assistance for ongoing development initiatives on the island.
The pledge was expressed by Prof. Benedict Okey Oramah, President and Chairman of the Bank, following discussions held on Saturday 5 August between Prime Minister Ralph Gonsalves and a group of senior officials from the Bank.
“We discussed extensively the plans to make this country a major logistics hub in terms of development. Sports development, development of industrial parts, and development of ports and cruise-ship handling capacity”.
“These are areas in which the Afreximbank expresses strong interest, not only to fund but also to bring investors who can work together with the appropriate authorities or government in ensuring these goals are carried out in a timely manner to bring the benefits that the government is seeking”.
St. Vincent and the Grenadines is among the CARICOM Countries that have signed on to the Partnership Agreement with the African Export-Import Bank.
Afreximbank was established in Abuja, Nigeria, in October 1993 by African Governments, African private and institutional investors, as well as non-African financial institutions and private investors, for the purpose of financing, promoting, and expanding intra-African and extra-African trade.
The African Export-Import Bank (Afreximbank) officially opened its Caribbean office in Barbados last week and reaffirmed that a $1.5 billion credit limit was made available to support eligible CARICOM states.
According to a statement, the Afreximbank Caribbean Office would support the implementation of the Partnership Agreement between Afreximbank and CARICOM member states aimed at expanding Africa-Caribbean trade and investment relations.
The move cements Afreximbank’s efforts to promote and develop trade between Africa and the Caribbean in line with its Diaspora Strategy and the African Union’s designation of the African Diaspora as Africa’s sixth region.
