NASSAU, Bahamas, CMC – African Export-Import Bank (Afreximbank), a pan-African multilateral financial institution mandated to finance, facilitate, and promote intra- and extra-African trade, says it has signed an agreement to provide the Bahamas government with a project preparation facility.
It said that the project is to develop and implement an Afro-Caribbean Marketplace. Once implemented, the Afro-Caribbean Marketplace will comprise 90 outlets dedicated to the sale of authentically African and Caribbean products from more than 54 African countries, 20 Caribbean states, 16 islands of the Bahamas, and a transshipment hub.
Afreximbank anticipates that the project will transform Grand Bahama into a significant trade and cultural hub and significantly enhance the Bahamas’ strategic position in global maritime networks. The project is expected to foster substantial economic growth, create numerous jobs, and strengthen ties between African and Caribbean countries, offering a promising outlook for the future.
The marketplace is not just a platform for economic growth but also a catalyst for cultural exchange. By boosting small and medium enterprises (SME) growth and fostering cultural exchange, the project will significantly contribute to the overall economic and social development of The Bahamas, promoting a deeper understanding of African and Caribbean cultures.
“The project preparation facility of US$1.86 million will fund essential pre-development activities that will advance the project to bankability; after that, this is expected to unlock further investments estimated at US$50 million,” the bank said.
“Afreximbank is delighted to provide funding for developing a unique Afro-Caribbean marketplace and trans-shipment project in the Bahamas. This strategic investment allows us to realize our vision of positioning the Caribbean as the trans-shipment hub for Africa’s trade with the Americas.
“It will also support logistics related to AfriCaribbean trade. The bank commends the Government of the Bahamas for the bold initiative to harness the emerging Afri-Caribbean opportunities,” said Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank Group.
Bahamas Prime Minister Philip Edward Davis said, “This agreement is a testament to our commitment to fostering strong economic and cultural partnerships.
The Afro-Caribbean Marketplace and Logistics Center will not only position Grand Bahama as a beacon of international trade but also underscore the strategic importance of The Bahamas in the global trade network. This will create a dynamic environment for growth and collaboration, further enhancing the country’s role in global trade.
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