The African Export-Import Bank (Afreximbank) has announced a significant expansion of its financial commitment to the Caribbean Economic Transformation, increasing its regional financing cap from $3 billion to $5 billion as part of a broader effort to accelerate economic transformation and deepen Africa-Caribbean trade relations.
The announcement was made during the 50th Regular Meeting of the Conference of Heads of Government of CARICOM held in Basseterre, St. Kitts and Nevis, where Afreximbank reaffirmed its commitment to strengthening economic ties between Africa and the Caribbean through large-scale investments and strategic partnerships.
Speaking at the summit, Afreximbank President Benedict Oramah, represented by Executive Vice President Denys Denya and other officials including George Elombi, disclosed that the bank aims to ensure full utilisation of the new $5 billion financing envelope within the next three to four years.
According to the bank, the expanded funding builds on more than $750 million already disbursed across the Caribbean region and a strong pipeline of transactions valued at over $2 billion currently under implementation. The new financing will support governments and private sector operators across several key sectors.
Afreximbank said its long-term strategy is focused on restructuring regional economies by promoting value addition in agriculture and natural resources. The bank plans to invest in processing industries that retain more economic value locally while generating employment, boosting government revenues and improving livelihoods across Caribbean nations.
Among the priority interventions announced by the bank are investments in healthcare infrastructure in Barbados, Guyana and Grenada, as well as support for tourism development in Barbados, Grenada, the Bahamas and Antigua and Barbuda.
The financing programme will also support agro-processing and logistics facilities in Barbados, Guyana, Antigua and Barbuda and St. Kitts and Nevis, alongside broader infrastructure projects including electricity generation, power distribution networks, road construction and trade centre development in countries such as Grenada, Jamaica, the Bahamas and Suriname.
Financial sector support also forms a major component of the initiative. Afreximbank plans to provide funding support to banks across Suriname, Saint Lucia, Grenada and Dominica, including special lending facilities designed to improve access to credit for small and medium enterprises in the region.
The bank also intends to promote stronger local participation in natural resource industries by empowering domestic entrepreneurs and strengthening local content policies. Officials said this approach will help ensure that Caribbean countries retain more economic value from their resources.
Afreximbank is equally working on initiatives to improve sea and air connectivity across the Caribbean, a move expected to enhance the movement of goods, investments and people within the region and between Africa and the Caribbean.
In the creative sector, the bank plans to expand its Creative Africa Nexus Programme, aimed at supporting financing, trade and capacity development for creative industries linking Africa and the Caribbean.
During the summit discussions, Afreximbank also confirmed its support for the regional development strategy led by the Eastern Caribbean Central Bank, which targets doubling the size of the region’s economy over the next decade. The bank’s contribution will include investments in infrastructure, agriculture and industrial processing.
Afreximbank further reaffirmed its commitment to establishing the Afreximbank African Trade Centre in Bridgetown, Barbados, a move expected to strengthen its operational presence and facilitate deeper economic engagement with Caribbean partners.
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The bank is also supporting discussions on the creation of a Caribbean Eximbank, an institution that would mobilise capital for major regional development projects and strengthen trade financing capacity.
Meanwhile, Afreximbank welcomed the decision by CARICOM central bank governors to implement the CARICOM Payment and Settlement System, which will be modelled after the Pan-African Payment and Settlement System introduced by Afreximbank in 2022. The system is expected to enable low-cost, real-time cross-border payments in local currencies and significantly boost regional trade.
Looking ahead, St. Kitts and Nevis is scheduled to host the Africa-Caribbean Trade and Investment Forum 2026 in July, bringing together business leaders, investors and policymakers from across Africa and the Caribbean to deepen commercial partnerships and unlock new investment opportunities.
The expanded financing programme underscores Afreximbank’s broader strategy of building stronger economic bridges between Africa and the Caribbean while promoting sustainable development and regional economic integration.
