Jamaica has officially acceded to the Establishment Agreement of African Export-Import Bank (Afreximbank), becoming the 13th Caribbean Community (CARICOM) Member State of the African Multilateral Financial Institution.
- •The move unlocks an additional US$1.5 billion financing for Jamaica and other Caribbean economies, raising Afreximbank’s total approved facility for the region to US$3 billion, contingent upon full CARICOM membership.
- •Since establishing its regional office, Afreximbank has approved over US$700 million in financing across the Caribbean, with a pipeline exceeding US$2 billion.
- •Other CARICOM members of the bank include Barbados, St. Lucia, Suriname, Grenada, and The Bahamas.
“The agreement creates real opportunities for Jamaica to benefit from Afreximbank’s expanding suite of financial instruments, including trade guarantees, project financing, and capital support tailored to the needs of developing economies,” Andrew Holness, Prime Minister of Jamaica said.
Afreximbank’s Investments in the Caribbean have supported key sectors such as energy, tourism, education, and small business development across Barbados, St. Lucia, Suriname, Grenada, and The Bahamas. The Bank also provided over US$4.3 million in pandemic-related assistance through the Africa Vaccine Acquisition Task Team (AVATT) to The Bahamas, Antigua & Barbuda, and Trinidad & Tobago.
The signing took place on the sidelines of the 49th Regular Meeting of the Conference of Heads of Government of the Caribbean Community.