Afreximbank establishes roots in region, breaks ground on trade center

BRIDGETOWN, Barbados – The African Export-Import Bank (Afreximbank) solidified its commitment to bridge the trade gap between CARICOM (Caribbean Community) nations and African nations by breaking ground on a trade center in Bridgetown, Barbados on Monday.

During the groundbreaking ceremony, Barbados Prime Minister Mia Mottley officially handed over to the bank the land where the Afreximbank Africa Trade Center (AATC) and hotel will be built.

Afreximbank President and Chairman Professor Benedict Oramah said during the ceremony that the Caribbean has waited a long time for such a reconnection with Africa, which was the dream of pan-Africanists like Marcus Garvey, W.E.B Du Bois, Bob Marley, Peter Tosh, and Kwame Nkrumah.

“For the first time in Africa’s relationship with its Diaspora, we are matching our words with concrete action, and we are, by so doing, poised to reclaim our destiny,” said Oramah.

“For the first time, an African multilateral financial institution will be deeply rooted in the rich fields of the Caribbean, flying high its own white flag of openness and prosperity, as well as those of its 54 African member states, tied in an unbroken embrace with its twelve CARICOM participating states and their people.

“The deep roots we are establishing here send notice to the world, that we are here to stay, in good and bad times, and that never again will Africa and CARICOM succumb to the strategy of ‘divide-and-conquer’, of slavery and colonialism.

“Putting this edifice here in Bridgetown is an honorable thing to do. It was here in Bridgetown that the spirit of self-discovery was reignited. We salute Honorable Prime Minister Mia Mottley for sustaining that spirit and being a strong and indefatigable leader of this movement.”

Oramah explained that the Barbados AATC would also house hubs for tech firms and small and medium-sized enterprises, as well as a Digital African Trade Gateway that would offer trade information, customer due diligence, payment and other digital services that would cover Africa, the Caribbean and the world.

He added that the AATC will have a conference and exhibition facility, and will be linked to other AATCs that have already been developed or are under development in Nigeria, Zimbabwe, Egypt, Uganda, Cote d’Ivoire and Cameroon.

“The linkages would enable the offer of coordinated training services and virtual participation in solo exhibitions and similar events, to be hosted by any of the AATCs,” he said.

Oramah said the development of the AATC will take 30 months and cost US$180 million.

Last month, the Bahamas government signed a $200 million agreement with Afreximbank that will focus on developing climate-resilient and trade-enhancing infrastructure in The Bahamas, that will include the development of vital projects in road construction, energy development, and other essential economic infrastructure.

Afreximbank also capitalized the Bahamas Development Bank to the tune of $30 million last year, and is working on a $50 million Afro-Caribbean marketplace for Grand Bahama along with the government.

In her keynote address, Mottley explained that The Bahamas, Barbados and Suriname have been running trials on a Pan-African payment and settlement system with the help of Afreximbank.

“We hope other countries in the region, other central banks in the region, will take the opportunity to see how best we can make the settlement of inter-regional payments an easy thing,” said Mottley.