In a landmark move to deepen economic ties between Africa and the Caribbean, the African Export-Import Bank (Afreximbank) has dramatically increased its financial commitment to CARICOM nations. President Dr. Benedict Oramah Elombi announced during the 50th Regular Meeting of CARICOM Heads of Government in Basseterre that the bank’s regional financing limit would surge from $3 billion to $5 billion over the next three to four years.
This substantial capital infusion builds upon the $750 million already deployed across the region and an active pipeline exceeding $2 billion in current transactions. The strategic expansion represents one of the most significant cross-regional economic development initiatives in recent years.
Dr. Elombi articulated a transformative vision for the partnership, emphasizing that “our aim over the next decade is to change the structure of our economies.” The bank’s strategy focuses on value addition and processing of agricultural outputs and natural resources to ensure Caribbean nations retain greater economic benefits from their commodities.
The comprehensive investment plan includes developing healthcare facilities in Barbados, Guyana and Grenada; supporting tourism projects across multiple islands including The Bahamas and Antigua and Barbuda; and financing agro-processing and logistics facilities throughout the region. Infrastructure development receives particular emphasis, with planned investments in power generation, road projects, conferencing facilities, and trade centers across Grenada, Jamaica, The Bahamas, and Suriname.
Beyond physical infrastructure, the bank will provide crucial financial support to regional banking institutions in Suriname, St. Lucia, Grenada, and Dominica, including SME-focused lending facilities to development banks. The initiative also promotes local content participation in resource-rich countries and advances sea and air interconnectivity to improve regional mobility.
A significant cultural component involves expanding the Creative Africa Nexus Programme to strengthen financing, capacity building, and trade in creative industries between Africa and the Caribbean. The bank has also agreed to support the Eastern Caribbean Central Bank’s development strategy aimed at doubling the region’s economy within a decade.
The institutional presence will be strengthened through the establishment of an Afreximbank African Trade Centre in Bridgetown, Barbados, and continued advancement toward creating a Caribbean Eximbank. The initiative gained further momentum with CARICOM Central Bank Governors’ decision to implement a CARICOM Payment and Settlement System, modeled on Afreximbank’s pioneering Pan-African Payment and Settlement System launched in 2022.
This enhanced partnership sets the stage for the upcoming fifth Africa-Caribbean Trade and Investment Forum (ACTIF 2026), scheduled for July in St. Kitts and Nevis, which will further solidify this transcontinental economic alliance.