BRIDGETOWN, Barbados - Caribbean Community (CARICOM) countries now have an additional US$1.5 billion in financing available to them after Jamaica became the latest country to accede to the partnership agreement between CARICOM and the Egypt-based African Export-Import Bank (Afreximbank).
Jamaica became the 13th members state to do so and with its ascension to the agreement officials say an additional US$1.5 billion in financing is now available to the Caribbean region.
Afreximbank introduced the partnership agreement in 2022, following the African Union’s 2008 resolution designating the African Diaspora as the sixth region of the continent.
The move, solidified through the signing of a memorandum of understanding during this month’s CARICOM summit that was held in Montego Bay, Jamaica, pushes total available funds for the region to three billion US dollars, aimed at deepening trade and investment ties between Africa and the Caribbean.
President and chairman of the Board of Afreximbank, Professor Benedict Okechukwu Oramah, described Jamaica’s signature to the agreement as “an incredible opportunity for even greater transformative impact”.
He said that it strategically positions the bank to deepen its financial engagement in the region, including potential long-term capital investments to support the growth and development of SMEs in Jamaica.
Echoing the sentiment, Okechukwu Ihejirika, acting chief operating officer for Afreximbank’s Barbados-based Caribbean Office, said the initiative Afreximbank has taken in coming to the region “is something that no other institution can make happen apart from Afreximbank”.
He said he was happy for the response from the governments in the CARICOM region.
“That shows that we are now ready to forge a greater partnership between Africa and CARICOM. This is something no other entity can do for us and we are now rising up to the challenge,” Ihejirika said.
Jamaica’s Prime Ministers Andrew Holness, stressed the importance of moving beyond the signing of the agreement to implementing practical mechanisms for trade.
These, he noted, include settlement in local currencies, cross-listings on regional stock exchanges, and harmonised standards to reduce non-tariff barriers.
CMC/kc/ir/2025
