Source: Afreximbank increases caribbean financing limit to US$5 billion – herald
Kudzanai Sharara
The African Export-Import Bank (Afreximbank) has announced a significant escalation of its financial support for the Caribbean, raising its regional financing limit from US$3 billion to US$5 billion.
The move, which aims to accelerate economic transformation across the Caribbean Community (CARICOM), was unveiled by the bank’s leadership during the 50th Regular Meeting of the Conference of Heads of Government of CARICOM held in Basseterre. This enhanced commitment follows a period of rapid engagement between the Pan-African multilateral lender and the region, with more than US$750 million already disbursed and a further US$2 billion in transactions currently under execution.
Addressing regional leaders, Dr George Elombi, president and chairman of the Board of Directors of Afreximbank, emphasised that the bank’s vision for the next decade centres on changing the fundamental structure of Caribbean economies. The strategy focuses on moving away from the export of raw materials towards high-value agro-processing and natural resource refinement. By investing in value addition, the Bank aims to retain significant wealth within local economies, generating jobs and improving livelihoods while creating positive spillover effects for government revenues.
The expanded portfolio includes a diverse array of infrastructure and social development projects tailored to specific island nations. These interventions range from the development of healthcare facilities in Barbados, Guyana, and Grenada to the support of tourism projects in the Bahamas and Antigua and Barbuda. Furthermore, the Bank is financing essential logistics and power generation projects in Jamaica and Suriname, while providing SME-focused on-lending facilities to development banks in St Lucia and Dominica to empower local entrepreneurs.
A major pillar of this partnership is the introduction of a CARICOM Payment and Settlement System. Modelled on the Afreximbank-pioneered PAPSS system used in Africa, the platform will allow for real-time, low-cost cross-border payments using local currencies. This initiative is expected to deepen regional integration by reducing the historical reliance on hard currencies for internal trade.
Dr Elombi also reaffirmed its commitment to establishing a permanent presence in the region through the Afreximbank African Trade Centre in Bridgetown, Barbados and the ongoing work toward creating a dedicated Caribbean Eximbank. This collaboration aligns with the Eastern Caribbean Central Bank’s strategy to double the size of the region’s economy within the next decade, marking a historic deepening of South-South cooperation.
The announcement comes as St Kitts and Nevis prepares to host the fifth Africa-Caribbean Trade and Investment Forum (ACTIF2026) this July, which will feature major African entities such as Access Bank and Oando as they explore establishing a formal presence in the Caribbean market.
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