St. George’s, Grenada — The African Export-Import Bank (Afreximbank) is in talks with the Caribbean Community (CARICOM) to establish a regional import-export bank — a bold step toward deepening Africa-Caribbean economic cooperation. Among the proposals under consideration is the possibility of refining Guyana’s oil in Africa, signaling a potential shift in the global energy value chain.
The announcement was made at the 4th Annual Afri-Caribbean Trade and Investment Forum (ACTIF), which opened yesterday in Grenada under the theme: “Resilience and Transformation: Enhancing Africa-Caribbean Economic Cooperation in an Era of Global Uncertainty.”
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The high-profile event drew an audience of over 1,800 delegates, including Heads of State and Government representatives from CARICOM and Africa, UN Deputy Secretary-General Amina Mohammed, and a delegation of 20 private-sector leaders from Guyana.
Addressing the forum, outgoing Afreximbank President Dr. Benedict Oramah emphasized the urgent need for self-sustaining regional financial institutions.
“In an era of declining development assistance flows to our countries, coupled with the exit of international banks, and the imperative to build our economies using our own resources and institutions, we must develop institutions capable of financing our development,” Dr. Oramah stated.
The concept of refining Guyana’s oil in Africa, if realized, would mark a significant development in South-South cooperation and could open new avenues for economic integration between Africa and the Caribbean. It also underscores the growing importance of Guyana’s emerging oil industry on the global stage.
The proposed CARICOM-African EXIM Bank would aim to provide financing for trade, infrastructure, and industrial development across both regions — enhancing economic resilience amid shifting global financial dynamics.
