In a landmark commitment to Africa-Caribbean economic ties, Afreximbank will construct a $180 million twin-tower trade complex in Barbados, President and Chairman Benedict O. Oramah told Heads of Government at the 48th CARICOM Summit in February.
The announcement comes as the pan-African financial institution revealed it has increased its overall investment target for the region from $1.5 billion to $2.5 billion.
The ambitious Afreximbank Africa Trade Centre (AATC) will serve as the institution’s flagship presence in the region, hosting not just offices but also a technology incubation hub, SME facilities, and conference centers. Ground breaking for this landmark project is scheduled for March 22, 2025.
“This iconic project will carry the flag of the Bank and Africa very high in the Caribbean,” Oramah said, thanking Prime Minister Mia Mottley and her government for providing the land for the development.
“We are re-inventing the infamous middle passage, this time for our shared prosperity,” Oramah told the assembled Caribbean leaders, invoking historical ties while emphasizing a future-focused partnership based on South-South cooperation.
The pan-African financial institution, which opened its CARICOM Regional Office in Barbados less than two years ago, is already weaving a complex web of economic partnerships that spans from Grenada’s hotel industry to Guyana’s burgeoning oil sector.
While the AATC represents Afreximbank’s physical footprint, the institution’s financial influence is already spreading throughout the region. Current projects include climate adaptation work in St. Lucia that rebuilt schools damaged by severe weather events, trade finance support in St. Kitts, sports complex rehabilitation in Barbados, and infrastructure development in Guyana.
The most ambitious initiative may be the proposed $1 billion Local Content Financing Facility for Guyana’s oil industry, part of a substantial pipeline of deals currently under consideration. Other major projects include a state-of-the-art tertiary hospital in Grenada with an estimated cost exceeding $200 million and $150 million in road development support for the Bahamas.
Beyond direct financing, Afreximbank is working to transform the region’s economic infrastructure. The Bank has led investment promotion missions resulting in negotiations valued at approximately $1.5 billion and is collaborating with Arise Integrated Industrial Platform to develop industrial infrastructure projects across multiple CARICOM nations.
Institutional support is also forming a key pillar of Afreximbank’s Caribbean strategy. The Bank is supporting the Caribbean Development Fund to establish a Growth, Resilience and Sustainability Fund through a recently approved grant. This initiative aims to catalyze investments in Caribbean countries facing economic and fiscal challenges resulting from climate change impacts.
Perhaps most innovative is Afreximbank’s work with CARICOM central banks to create the Caribbean Payment and Settlement System (CAPSS). Modeled after the Pan-African Payment and Settlement System (PAPSS), this initiative aims to support intra-Caribbean payments in national currencies, reducing dependence on hard currencies for regional trade.
“As we speak, Afreximbank’s technical team and officials from all central banks in the region are gathered in the Bahamas to conduct proof of concept and commence piloting the system,” Oramah revealed. “This will pave the way for an eventual integration of African and Caribbean payment systems, creating unprecedented economic opportunities for us all.”
Despite some initial delays, Afreximbank is also moving forward with plans to establish the Caribbean Eximbank. The Bank has committed to funding the feasibility study through a grant, with a kick-off meeting between Afreximbank and the CARICOM Secretariat expected shortly.
As Afreximbank’s deal pipeline in the region grows to approximately $3.5 billion across multiple sectors, including financial institutions, oil and gas, hospitality, healthcare, and manufacturing, Oramah encouraged Caribbean leaders to embrace these opportunities: “The potential benefits can be immense for your region, and I urge you to expedite the process.”
