In a passionate address to regional leaders, President Irfaan Ali on Thursday highlighted a transformative shift catalyzed by the African Export-Import Bank (Afreximbank), praising the influx of investors from Africa into the region.
Speaking in The Bahamas at the 3rd AfriCaribbean Trade and Investment Forum at the Baha Mar Convention Centre in Nassau, the President remarked on the unprecedented interest from over 50 African delegations exploring business opportunities, marking a significant milestone in regional economic collaboration.
“Three years ago, not a single sophisticated investor from Africa would have considered this region,” the President stated, reflecting on the rapid evolution spurred by Afreximbank’s involvement. The President underscored the emergence of tech billionaires and leading technology firms showing keen interest, heralding a potential for monumental transformation and the realization of vast opportunities within the region.
Addressing skeptics who may question the region’s market size, the President emphasized that its strategic trade agreements and collective market access encompass over 1 billion people. “The region offers not just a population market, but a gateway to vast opportunities,” the President asserted, pointing to aquaculture as a US$4 billion market where regional countries rank in the top 2% for natural competitiveness.
The President also highlighted renewable energy as a burgeoning sector, citing the region’s abundance of sunshine and wind intensity, which surpasses Euro-pean standards. “Imagine manufacturing electric vehicles here with the world’s lowest environmental impact,” the President proposed.
Turning to forestry, the Presi-dent emphasized the region’s vast forest resources, proposing a collaborative approach to carbon markets and environmental stewardship. “We must collectively value our natural resources and shape global conversations on biodiversity and environmental services,” the President urged.
Acknowledging regional challenges such as payment settlement systems, the President called for trust and collaboration among Caribbean nations. A proposal to leverage Afreximbank’s systems for a regional solution was put forth, aiming to streamline governance and finance mechanisms within CARICOM.
“We need to trust in our systems and the potential to find solutions for ourselves,” the President concluded, rallying regional leaders to seize future opportunities in biodiversity, sustainable energy, and economic integration.
In 2023, the Caribbean branch of the African Export-Import Bank was established in Barbados. This new facility aims to bolster economic and business relations between the Caribbean and Africa, marking a pivotal milestone in efforts to deepen trade and investment ties. The decision to establish a branch of Afreximbank in Barbados was viewed locally as a proactive step towards realizing closer Caribbean-Africa relations.
Also in 2023, New Hayven Merchant Bank, headquartered in Guyana, signed a Memorandum of Understanding (MoU) with Afreximbank in Accra, Ghana. As part of this agreement, Afreximbank will provide a multi-million dollar credit line aimed at supporting regional investors. This initiative is expected to stimulate economic activities and foster investment opportunities across the Caribbean region.
Guyana is poised to soon see the disbursement of the US$500 million loan facility extended last year by Afreximbank to assist this country in hastening its infrastructural development agenda.
“We have disbursed a couple of other loan facilities for other countries in the region and the one for Guyana is within the ones that are nearing completion for actual disbursement to take place. That is something we are working very closely with the Government of Guyana on,” Okechukwu Ihejirika, Acting Regional Chief Operating Offi-cer, Afreximbank CARICOM Office located in Barbados, told Stabroek News via a telephone interview last month.
