BASSETERRE, St. Kitts, CMC – A delegation from the African Export-Import Bank (AFREXIMBANK) is due on Monday for talks with the government on several initiatives after St. Kitts-Nevis became the first Caribbean Community (CARICOM) country to sign an agreement with the African-based financial institution.
A government statement said that Prime Minister. Dr. Terrance Drew met with AFREXIMBANK President, Professor Benedict Oramah, during the just concluded 44th summit f CARICOM leaders in the Bahamas to sign the memorandum of understanding (MOU) after holding bilateral meetings with various representatives from the organization and other investors.
It said that the agreement entailed collaboration on initiatives to implement strategic projects in renewable energy, such as a solar power plant, grid connectivity in line with the Federation’s shared commitment to developing geothermal energy, and intelligent metering, among other energy-related initiatives.
“It is quite coincidental that the first trip as Prime Minister of St. Kitts and Nevis was to Barbados, where we met, and the first signing that I did in any agreement was also with AFREXIMBANK,” Prime Minister Drew said.
“This is, in fact, our second MOU, but this is about solar and geothermal energy. This will be groundbreaking. It will be historic for our nation. There are many possibilities, which is why (the) signing is so critical.”
In November last year, Cabinet welcomed members of the AFREXIMBANK on their first official visit, following the successful Afro-Caribbean Trade and Investment Forum held in Barbados in September of that year.
In 2016, AFREXIMBANK conceptualized its Intra-African Trade Strategy to support continental efforts at increasing intra-regional trade. The Bank also established the Intra-African Trade Initiative as a specialized division to support the strategy’s implementation and the African Continental Free Trade Agreement (AfCFTA).
“AFREXIMBANK is working to introduce CARICOM investors and financial institutions to opportunities in all sectors across Africa as part of its twinning initiatives and investment promotion activities. At the same time, it is exposing African investors to investment opportunities in key sectors identified in CARICOM countries,” the government statement added.
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