Afreximbank increases CARICOM financing cap to $5 billion to drive regional growth

The African Export-Import Bank (Afreximbank) has announced a substantial increase in its financing capacity for the Caribbean Community (CARICOM), raising its regional funding ceiling from US$3 billion to US$5 billion over the next four years. 

This adds to over $750 million already disbursed in the region, with active projects exceeding $2 billion and showcases an increase in support for both public and private-sector initiatives.

Speaking at the 50th Regular Meeting of the Conference of Heads of Government of CARICOM on 25th February, Afreximbank President Dr George Elombi outlined the Bank’s strategic objective to transform the Caribbean’s economic landscape. 

He said that the Bank’s vision for the next decade was “to change the structure of our economies,” saying that it would invest in value addition or processing of agricultural outputs and natural resources with the aim “to retain significant value from these resources in our economies, generate wealth for our people, create jobs, and improve their livelihoods, with spillover impacts on government revenues and investments.”

“We will, therefore, increase the global limit to this region from the current US$3 billion to US$5 billion, with the hope of achieving full utilisation over the next three to four years,” Dr Elombi added.

Sectoral focus and key projects

Dr Elombi outlined specific interventions. This includes i) improving healthcare infrastructure in Barbados, Guyana, and Grenada ii) boosting tourism in Barbados, Grenada, the Bahamas, and Antigua and Barbuda iii) funding agro-processing and logistics facilities in Barbados, Guyana, Antigua and Barbuda, and St. Kitts and Nevis.

Infrastructure projects such as power generation and distribution, road construction, conference centres, and trade hubs are planned for Grenada, Jamaica, the Bahamas, and Suriname.

Additional efforts include providing financial support to banks in Suriname, St. Lucia, Grenada, and Dominica, with a particular emphasis on SME lending facilities. The Bank is also committed to promoting local content in resource-rich countries to empower regional entrepreneurs and maximise retained value.

Afreximbank is also developing frameworks to improve maritime and air connectivity within the Caribbean, aiming to facilitate the movement of people, goods, and investments. 

The Bank plans to scale up the Creative Africa Nexus Programme to support financing, capacity building, and trade in creative goods and services between Africa and the Caribbean, thereby fostering growth in the cultural and creative sectors.

Collaboration with regional and African partners

Afreximbank has committed to support a regional development strategy, in consultation with the Eastern Caribbean Central Bank, to double the Caribbean economy in 10 years. This includes a focus on investments in infrastructure, energy, agriculture, and processing industries.

The Bank is also assisting African corporations such as Access Bank, Oando, and Arise Integrated Industrial Platforms (Arise IIP) in establishing operations within the Caribbean. Arise IIP is actively exploring the creation of special economic zones across multiple countries.

Afreximbank is dedicated to setting up the Afreximbank African Trade Centre in Bridgetown, Barbados, to strengthen its presence in the region.   The Bank is also working on creating the Caribbean Eximbank to finance transformative investments needed for economic restructuring.

Dr Elombi commended the CARICOM Central Bank Governors for deciding to implement the CARICOM Payment and Settlement System, inspired by the Pan-African Payment and Settlement System (PAPSS) launched by Afreximbank in 2022. 

This initiative would improve regional trade and integration by facilitating low-cost, real-time cross-border payments in local currencies.

St. Kitts and Nevis will host the 5th Africa-Caribbean Trade and Investment Forum (ACTIF2026) in July, convening stakeholders from across Global Africa. The forum will include panel discussions, business matchmaking, cultural showcases, and deal signings.