The Caribbean may soon establish its own regional export-import bank as the African Export-Import Bank (Afreximbank) advances a proposal designed to expand access to development financing across the Caribbean Community (CARICOM).
According to Okechukwu Ihejirika, acting chief operating officer of Afreximbank’s Caribbean Office, a feasibility study for the proposed CARICOM EXIM Bank has already been completed and presented to the Council for Foreign and Community Relations (COFCOR), placing the initiative on track for consideration by regional heads of government.
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“It’s an initiative that is now undergoing review. In fact, it was presented to the Council of Foreign Ministers recently, so very soon we should get it cleared by the heads,” Ihejirika told reporters during the Climate Smart Summit in Bridgetown.
“The study has been done, it’s been presented, it’s now being reviewed, and once there is affirmation as to the need for that EXIM bank, then we will go into implementation,” he added.
The proposed institution would provide trade and development financing to Caribbean governments and businesses, addressing longstanding concerns over limited access to affordable, long-term capital and helping to strengthen regional economic integration.
Speaking during the two-day summit at the Hilton Barbados Resort, Ihejirika also announced that Afreximbank has expanded its approved financing envelope for the Caribbean to US$5 billion, more than tripling the initial US$1.5 billion allocated when the bank established its regional office in Barbados in 2023.
He said the institution remains committed to supporting projects across sectors such as infrastructure, trade, industrial development and climate resilience.
Since opening its Barbados office, Afreximbank has approved nearly US$700 million in credit facilities for projects throughout the region, according to Ihejirika.
The proposed CARICOM EXIM Bank is expected to further enhance the region’s ability to finance exports, facilitate trade and support economic development, particularly as Caribbean countries seek new sources of capital and greater financial independence.
Regional leaders are expected to review the proposal in the coming months, with implementation likely to follow should heads of government give their approval.
