BRIDGETOWN, Barbados, CMC – The CARICOM Private Sector Organization (CPSO) says it welcomes the recent announcement by the Egypt-based African Export-Import Bank (Afreximbank) to increase its investment commitment to the Caribbean.
Afeximbank said it would increase the investment from three to five billion US dollars, and CPSO described the initiative as a major step toward expanding trade, investment, and economic cooperation between the Caribbean Community (CARICOM) and the African Union (AU).
“This expanded commitment by Afreximbank represents a major milestone in strengthening economic cooperation between the African Union and the region,” said Dr. Patrick Antoine, CPSO chief executive officer and technical director.
“For the private sector in CARICOM, it offers the potential for realising expanded trade opportunities, deepening investment partnerships, and strengthening the productive capacities of private sector and infrastructure projects between CARICOM and the AU,” he added.
Afreximbank announced an engagement between its president, Dr. George Elombi, and CARICOM leaders at their summit in St. Kitts and Nevis last month.
Among the priority initiatives highlighted was the development of the Afreximbank Caribbean Trade Centre in Bridgetown, which will also serve as the bank’s regional office, as well as include conference facilities and a five-star hotel. Construction of the facility is expected to begin this year.
Afreximbank has also indicated its willingness to support the establishment of a Caribbean Export-Import Bank, which is an institution envisioned to strengthen the region’s capacity to finance trade and investment while contributing to a more robust regional financial architecture.
In addition, the financial institution has been working with regional central banks to develop a CARICOM Payment and Settlement System (CAPSS), which could facilitate cross-border transactions through a regional clearing system and reduce reliance on hard currencies.
The CPSO, Afreximbank, and the Africa Business Council previously signed a Memorandum of Understanding (MoU) to establish the African Caribbean Business Council (ACBC), a formal platform designed to facilitate structured private-sector cooperation between the two regions.
The CPSO said that, through the ACBC, the parties aim to advance trade and investment forums, business-to-business matchmaking, investment facilitation, financial sector cooperation, and capacity-building initiatives to strengthen small and medium-sized enterprises, women, and youth entrepreneurs.
The framework also provides a mechanism to deepen institutional cooperation and to explore longer-term opportunities for expanded AU-CARICOM trade and investment.
“The CPSO looks forward to deepening its collaboration with Afreximbank and the Africa Business Council, working alongside regional governments, financial institutions, and private sector stakeholders to advance the implementation of these initiatives, including through the Africa Caribbean Business Council,” Dr. Antoine said.
“Our Organization remains committed to ensuring that the opportunities emerging from the strengthened AU-CARICOM partnership translate into concrete outcomes for regional businesses, expanded trade flows, and sustainable economic growth across the region,” he added.
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