The African Export-Import (Afrexim) Bank will provide Guyana with US$500 million in cash soon to help with the nation’s ongoing infrastructure development efforts. Benedict Oramah, the bank’s president and chairman of the board of directors, disclosed this information on October 30, 2023, during the second AfriCaribbean Trade and Investment Forum, which was hosted at the Marriott Hotel in Georgetown, Guyana.
Speaking to the assembly of officials from Africa and the Caribbean, Oramah stated that the main objectives of Afrexim are to work in several sectors within the region and develop strong alliances with countries.
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Oramah stated, “For Guyana, we’ve agreed to conclude a US$500 million transaction to support accelerated infrastructure development projects of the Guyanese Government.”
The different paperwork outlining the bridge funding arrangement is anticipated to be signed by officials. Additionally, Afrexim is lending US$16 million to St. Lucia to rebuild schools that were devastated by a recent tropical storm that hit the island. Oramah claims that the financial facility is already setting up shop in Barbados, the site of the inaugural AfriCaribbean Trade and Investment last year, as its first regional headquarters.
He stated in his address, “Afreximbank expects to begin the process of developing the Afreximbank Africa Trade Centre in Barbados before the end of next year. This facility will host the permanent Caribbean office and also incorporate a hotel, trade information, and conferencing and exhibition facilities.”
Trade between African and Caribbean countries is predicted to develop rapidly once it is completely established.
Oramah stated, “We must persevere and forge ahead, mindful that the path we have chosen is the shock absorber we need at this time. In a de-globalizing world, small, open economies will suffer if they don’t bind together, and there can be no better biding than that of brothers and sisters represented by AfriCaribbean trade and investment integration.”
Before the end of 2024, the bank will be conducting a pilot program for the Pan-African Payment and Settlement System (PAPSS), which will serve as the CARICOM Central Banks’ payment infrastructure. The Afreximbank provides a branch of support for the individual countries to address the crisis impacting the Caribbean Community (CARICOM), according to President Dr. Irfaan Ali President of Guyana, CARICOM faces problems.
Afreximbank has authorized a US$1.5 billion facility for CARICOM states; upon signature of the cooperation pact by all 15 CARICOM countries, the amount will rise to US$3 billion. Deals totaling US$2 billion have come about as a result of the bank’s five trade and investment missions to CARICOM; among them, important transactions have either been approved or are in the final approval committee stage.
President Ali continued his discussion on partnerships by stating that leaders in Africa and the Caribbean have the capacity to offer solutions to numerous global issues as well as those that impact their own areas.
He noted, “We have the ability and we have presented solutions to many global problems. We have not owned those solutions, and this platform is one such avenue through which we can solve our problems and find the solutions for our problems among ourselves.”
President Ali expressed optimism that conversations and concrete strategies to strengthen international partnerships will continue to be fostered during this year’s forum.
