Ahead of next Wednesday’s start of the July 10th – 12th Caribbean investment forum, the Caribbean Export Development Agency (CEDA) has signed a Memorandum of Understanding with the African multilateral lending agency, African Export-import Bank, to broaden its pre-existing base in terms of business relations fashioned out of a recent series of accelerated business visits between the Caribbean and Africa.
The highlight of the recent flurry of cross-continent business-related interactions between the Caribbean and Africa had been the historic visit to West Africa by a Caribbean business delegation led by Caribbean Export. It was this visit that had paved the way for the first ever AfriCaribbean Trade and Investment Forum (ACTIF2022) held in Barbados and the establishment in August last year of a Caribbean Branch of the Caribbean African Export-Import Bank (Afreximbank).
The significant acceleration of initiatives, designed to create stronger business ties between the Caribbean and Africa over the past two years, had been preceded by decades of discourse within the region regarding the importance of strengthening ties with a continent to which its own history is inextricably linked. Contextually, at the June 14, 31st Afreximbank Annual Meeting (AAM2024), held in the Bahamas, an agreement was reached committing the two sides to collaboration in various areas, including trade and investment promotion and facilitation.
The agreement also includes a commitment on the part of Afreximbank to work with governments of the Caribbean Community (CARICOM) to set up a Caribbean Exim Bank that envisages a US$700 million investment in the region. The strength of the African delegation at next week’s Caribbean Investment Forum (CIF) being held in Georgetown will provide a limited indication of the prevailing to the significant strengthening of business links between Africa and the Caribbean, a good deal of the groundwork having now been laid through the presence of a Caribbean branch of Afreximbank.
