In a landmark development for intercontinental economic relations, the African Export-Import Bank (Afreximbank) has elevated its financial commitment to the Caribbean region from $3 billion to $5 billion. The announcement was formally made during high-level discussions with CARICOM Heads of Government in Saint Kitts and Nevis on February 24, 2026, signaling a new era of Afro-Caribbean economic integration.
Dr. George Elombi, President of Afreximbank, presented a comprehensive strategic framework designed to deepen economic cooperation through enhanced trade mechanisms and investment partnerships. The expanded financial package represents one of the most significant cross-regional economic initiatives in recent history, with particular focus on developing critical infrastructure and financial systems.
Central to this initiative is the establishment of the Afreximbank Caribbean Trade Centre in Bridgetown, Barbados, which will serve as the institution’s regional headquarters. The state-of-the-art facility, scheduled to break ground later this year, will include conference capabilities and luxury accommodations to facilitate business exchanges.
The banking institution has also committed to supporting the creation of a Caribbean Export-Import Bank, a visionary project aimed at strengthening the region’s autonomous trade financing capabilities. Simultaneously, Afreximbank is collaborating with regional central banks to develop the CARICOM Payment and Settlement System (CAPSS), which will streamline cross-border transactions and reduce dependency on foreign currencies.
Physical connectivity between the two regions receives particular emphasis, with Afreximbank pledging financial support for enhanced air and maritime links. This infrastructure development is considered crucial for unlocking the full potential of trade relations between the African Union and CARICOM nations.
The institutional framework for this partnership is reinforced through the African Caribbean Business Council (ACBC), established via a trilateral memorandum of understanding between CPSO, Afreximbank, and the Africa Business Council. This platform will facilitate structured private sector cooperation through trade forums, business matchmaking services, and capacity-building programs specifically designed to empower SMEs, women entrepreneurs, and youth-led enterprises.
Dr. Patrick Antoine, CEO of the CARICOM Private Sector Organization, characterized the enhanced commitment as “a major milestone in strengthening economic cooperation between the African Union and the Region.” He emphasized the CPSO’s dedication to ensuring these initiatives yield tangible benefits through increased trade volumes, expanded business opportunities, and sustainable economic development throughout the Caribbean.