BY BAMIDELE FAMOOFO
The African Export-Import Bank has announced that it would work with governments of the Caribbean Community to set up a Caribbean Exim Bank and that it envisaged committing an investment of US$700 million in the Caribbean.
Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, told participants at the opening of the first-ever AfriCaribbean Trade and Investment Forum (ACTIF2022) in Bridgetown, Barbados, on Thursday, that there had been tremendous progress in accelerating the membership of CARICOM nations in Afreximbank and that signature of a participant agreement would enable Afreximbank to operate in the CARICOM region and deliver concretely on the new vision.
“Once these arrangements are concluded and visible, we will also open an office here in the Caribbean. And if we do agree, the Bank will work with governments of the CARICOM to set up a Caribbean Exim Bank as an Afreximbank subsidiary or affiliate,” he said, adding that Afreximbank “envisages committing an investment of US$700 million in the Caribbean as soon as a regional office is opened.
“We stand at the cusp of history to open a well of opportunities for Africa and the Caribbean and to leverage our individual and collective strengths towards the attainment of our shared prosperity,” Professor Oramah said, adding that “The vision is clear. However, we must therefore be focused while recognising that there are so many hurdles to cross.”
He reminded the audience of the atrocities of the trans-Atlantic slave trade which saw many Africans enslaved and forcibly transported to the Americas and the Caribbean and highlighted the close links and shared history and identity of the African and Caribbean people.
“We will want to leave here with actionable proposals on how to open air and sea links between the Caribbean and Africa. We would like to leave here with concrete plans to open banking and payment rails, to see joint ventures for industrial projects, to deepen our commercial collaboration in the creative and commercial space, to collectively protect our intellectual properties to share knowledge and invest in climate adaptation projects. We must be proud that this is a reunion arising out of a felt need, underpinned by a solid economic, cultural, historical rationale,” added Professor Oramah.
The opening morning of the three-day ACTIF2022 featured a rousing keynote address by host Prime Minister, Mia Amor Mottley of Barbados, President Chandrikapersad Santokhi of Suriname.
Chairman of CARICOM also spoke along with Amadou Hott, Minister of Economy, Planning and International Cooperation, Republic of Senegal; Albert Muchanga, African Union Commissioner for Economic Development, Trade, Industry and Mining; Carla Natalie Barnett, Secretary General, CARICOM Secretariat; and John Williams, Chairman, Invest Barbados.
ACTIF2022 has been structured to provide an important opportunity to bolster bilateral cooperation and to enable the Caribbean and African business communities to establish new commercial and strategic relationships to expand trade and to source necessary inputs for the design and manufacture of high-value products between the two regions.
It will also enhance Government-Business relationships between Africa and the Caribbean and increase inter-regional trade and investment leads through effective business matchmaking.
ACTIF2022 is convened by the Government of Barbados and Afreximbank, in collaboration with the African Union Commission, the AfCFTA Secretariat, the Africa Business Council, the CARICOM Secretariat and the Caribbean Export Development Agency.
The Forum is co-managed by Invest Barbados and Export Barbados. The CEOs of both agencies are keen to facilitate the Forum and have high expectations for the outcome of the three-day event.
