The African Export-Import Bank (Afreximbank) has pledged a $700 million investment towards setting up a regional bureau in the Caribbean to support Africa-Caribbean trade.
But first, a partnership agreement must be signed to enable Afreximbank to operate in the island nations, which will clear the way for the bank to more than triple the $250 million it previously injected into the Afro-Caribbean trade.
Trade between Africa and the Caribbean has been negligible despite historic linkages between the two blocs.
For example, African Union statistics show that while the island nations are awash with fish, Africa imports $4.5 billion of fish from the global market, with the Caribbean accounting for less than 1% of this trade.
In October last year, Kenya and Barbados signed three key bilateral agreements for cooperation in aviation, environmental conservation, trade and investment.
The two countries are exploring ways of establishing direct air and sea links to enable the free movement of people, goods and services between the two countries.
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