Afreximbank invests $180m in Barbados to strengthen Africa-Caribbean economic ties

In a landmark move to deepen economic and cultural ties between Africa and the Caribbean, Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, has announced a $180 million investment in the establishment of the Afreximbank Africa Trade Centre (AATC) in Bridgetown.

Speaking at the groundbreaking ceremony, Oramah emphasised the historical significance of the initiative, describing it as a defining moment in Africa-Caribbean relations and a long-overdue step toward economic integration between the two regions.

Reflecting on the deep-rooted connection between Africa and the Caribbean, Oramah highlighted the centuries-old longing for reunification that began during the Transatlantic Slave Trade, when Africans were forcibly taken to the Americas and the Caribbean.

He recalled the historical efforts of leaders such as Liberia’s President Arthur Barclay, who in 1865 welcomed 350 people from Barbados as citizens, and the later contributions of Pan-Africanists like Marcus Garvey, W.E.B. Du Bois, Kwame Nkrumah, Bob Marley, and Peter Tosh, who championed the cause of reconnecting Africa with its diaspora. Oramah declared that these historic cries for unity would no longer be mere echoes from the past but would now be transformed into tangible action through initiatives like the Bridgetown project.

The establishment of the Afreximbank Africa Trade Centre marks the first time an African multilateral financial institution is setting a permanent presence in the Caribbean. Oramah noted that the center’s launch symbolizes an enduring partnership built on openness and shared prosperity, reinforcing the bond between Africa and the twelve CARICOM Participating States.

By choosing Bridgetown as the site for this ambitious initiative, he acknowledged the instrumental role played by Prime Minister Mia Mottley, whose leadership and vision helped bring the project to fruition.

The AATC will be a world-class business and economic hub, featuring two twelve-storey towers that will serve as a gateway for trade and investment between Africa and the Caribbean. Subject to planning approvals, the development will include a high-end hotel, which will strengthen Barbados’ hospitality sector by providing additional premium accommodations essential for tourism growth.

It will also house Afreximbank’s regional offices, lettable office spaces for African and Caribbean businesses, and a business hub designed to support enterprises eager to expand within the CARICOM region.

A key component of the AATC will be its focus on innovation and digital transformation. The facility will include a technology and SME incubation center, as well as a Digital African Trade Gateway, which will provide trade information, customer due diligence, payment solutions, and other digital services.

These digital tools are expected to facilitate seamless trade interactions between Africa, the Caribbean, and global markets. Additionally, the center will feature a modern conference and exhibition facility that will connect with other Afreximbank Africa Trade Centres in Nigeria, Zimbabwe, Egypt, Uganda, Côte d’Ivoire, and Cameroon, creating an interconnected global space for business networking, knowledge-sharing, and trade-related engagements.

The project is expected to have a significant economic impact on Barbados and the broader Caribbean region.

During the construction phase, it is anticipated to generate approximately 1,000 direct and indirect jobs, with 50 small and medium-sized enterprises engaged as subcontractors and suppliers.

Upon completion, the center will sustain around 300 direct jobs, fostering business growth, entrepreneurship, and economic development.

Beyond the immediate benefits of job creation and infrastructure development, the initiative aligns with Afreximbank’s broader commitment to accelerating trade and investment between Africa and the Caribbean.

The Bank has increased its credit limit for CARICOM countries from $1.5 billion to $2.5 billion, demonstrating its dedication to strengthening financial support for the region. Furthermore, it is preparing to launch a $5 billion Concessional Finance Window, which will be managed on behalf of its shareholders and will provide tailored financial solutions to address the unique economic needs of Caribbean nations.

Over time, this initiative is expected to play a pivotal role in driving economic resilience and expanding trade flows between the two regions.

The Bridgetown AATC also forms part of a larger vision to establish a Caribbean Export-Import Bank, which Afreximbank hopes will eventually expand its presence into Africa as well.

Additionally, in collaboration with the Caribbean Development Fund, Afreximbank is introducing a Resilience and Sustainability Facility, which will focus on fostering long-term economic stability and integration within the CARICOM region. These efforts reflect the bank’s strategic approach to deepening financial collaboration and creating lasting economic opportunities.

Afreximbank’s involvement in Barbados extends beyond investment in infrastructure and trade. The Bank has already provided $25 million in funding to refurbish a sports complex, which played a crucial role in hosting the Cricket World Cup.

Looking ahead, it has projects in the pipeline worth approximately $300 million, including the development of a logistics hub and the establishment of a $50 million tourism facility aimed at assisting small hotel owners in upgrading their properties.

Furthermore, discussions are ongoing for Barbados to participate in Afreximbank’s impact equity fund, FEDA, which would unlock additional investments for local businesses.

The bank has also demonstrated its commitment to social impact through community development initiatives.

It has disbursed grant funding to support the Eden Lodge Youth Charitable Organisation’s back-to-school program, benefiting over 500 children.

Additionally, it has pledged $3.5 million to the Government of Barbados’ Urban Transformation Fund, which aims to revitalize areas surrounding the AATC to ensure that local businesses and communities directly benefit from the project.

Oramah recalled addressing the 48th Conference of Heads of Government of CARICOM in Bridgetown on February 19, where he reflected on the progress made in reconnecting Africa and the Caribbean.

He emphasized that the willingness of CARICOM governments to partner with Afreximbank in creating homegrown solutions for economic development has been key to achieving these milestones.

As he concluded his remarks, Oramah reaffirmed Afreximbank’s unwavering commitment to working alongside the Government of Barbados to accelerate the development of the AATC and deliver the project within its 30-month timeline.

He expressed deep appreciation to Prime Minister Mia Mottley, Prime Minister Philip J. Pierre of Saint Lucia, and CARICOM Secretary-General Carla Barnett for their support in making the initiative a reality.

He also extended gratitude to Afreximbank’s Board of Directors, Invest Barbados, and other government agencies that contributed to the success of the groundbreaking ceremony.

With the Bridgetown AATC set to become a premier hub for Afri-Caribbean trade, investment, and business development, Oramah emphasized that the future of economic collaboration between Africa and the Caribbean is brighter than ever.

He described the groundbreaking as yet another significant step in reshaping global economic relations and fostering a future of shared prosperity between the two regions.