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Funding tourism projects for The Bahamas<\/h3>\nFunding tourism projects for The Bahamas<\/h3>\nAfrican Export-Import Bank (Afreximbank) President Dr. George Elombi announced during the 50th regular meeting of the Conference of Heads of Government of the CARICOM (Caribbean Community) in Basseterre, St. Kitts and Nevis, that the bank is raising its financing cap for the region to $5 billion to accelerate regional transformation, including funding tourism projects for The Bahamas and the development of trade and conference facilities, Afreximbank said in a statement yesterday.<\/p>\n
The $2 billion increase for the region over the next three to four years builds on the than $750 million already disbursed across the Caribbean, as well as $2 billion in transactions that are currently under execution.<\/p>\n
Elombi, who was a special guest of the conference, said the bank\u2019s aim for the coming years was to significantly expand support to CARICOM nations.<\/p>\n
\u201cWe will, therefore, increase the global limit to this region from the current US$3 billion to US$5 billion, with the hope of achieving full utilization over the next three to four years,\u201d Elombi told Caribbean leaders.<\/p>\n
The statement explained that Elombi\u2019s vision for the next decade is \u201cto change the structure of our economies\u201d.<\/p>\n
He said the bank would invest in projects that add value to the economies, or improve agricultural outputs and natural resources, so that Caribbean countries can \u201cretain significant value from these resources in our economies, generate wealth for our people, create jobs, and improve their livelihoods, with spillover impacts on government revenues and investments\u201d.<\/p>\n
Africa considers the Caribbean its sixth region, and Afreximbank has brought several Caribbean countries into its membership. Since the advent of this partnership with the Caribbean, Afreximbank has accelerated regional support.<\/p>\n
The statement explains: \u201cThe president said that specific interventions by the bank would include developing healthcare facilities in Barbados, Guyana, and Grenada; supporting tourism projects in Barbados, Grenada, Bahamas, and Antigua and Barbuda; financing agro-processing projects and logistics facilities in Barbados, Guyana, Antigua and Barbuda, and St. Kitts and Nevis; and supporting infrastructure development, including power generation and distribution, road projects, conference facilities and trade centers in Grenada, Jamaica, The Bahamas, and Suriname.<\/p>\n
\u201cOthers were providing financing support for banks in Suriname, St. Lucia, Grenada, and Dominica, including an SME-focused on-lending facility to development banks in the region; supporting local content promotion in natural resource rich countries to retain maximum value in the region, by empowering local entrepreneurs to participate actively in the sectors; working on a framework for the implementation of sea and air interconnectivity within the Caribbean, to boost movement of people, goods and investments; and promoting the cultural and creative industries through expansion of the Creative Africa Nexus Program to support financing, capacity building and trade of creative goods and services between Africa and the Caribbean.\u201d<\/p>\n
Afreximbank is funding the development of an Afro-Caribbean Marketplace and Logistics Center in Freeport, Grand Bahama.<\/p>\n
Elombi also said Afreximbank will support a regional development strategy that will be aimed at doubling the size of the Caribbean\u2019s economy within a decade.<\/p>\n
The statement said that support will come by way of investments in infrastructure development, power generation and distribution, agricultural production, and production processing.<\/p>\n
The statement said Elombi also affirmed Afreximbank\u2019s commitment to the process of establishing the Caribbean Eximbank that could support investments \u201cnecessary to change the structure of our economies\u201d.<\/p>\n
He also praised the Committee of CARICOM Central Bank Governors who have decided to proceed with the Caribbean Payment and Settlement System CPASS, modeled on Pan-African Payment and Settlement System (PAPSS) that Afreximbank pioneered in 2022.<\/p>\n
According to Elombi, CPASS offers a real opportunity to deepen regional trade and integration by allowing low-cost, real-time cross border payments in local currencies.<\/p>\n
St. Kitts and Nevis is set to host the fifth Afri-Caribbean Trade and Investment Forum (ACTIF2026) in July this year, which brings together Global Africa, and features panel discussions, business matchmaking sessions, cultural showcases, and deal signings.<\/p>\n
Last year, Bahamas Striping Group of Companies signed a loan agreement with Afreximbank at ACTIF for $100 million.<\/p>\n