The African Export-Import Bank (Afreximbank) and the Caribbean Community (CARICOM) have partnered to form a partnership, with Haiti being the 12th member state to do so.
Afreximbank President and Chairman of the Board of Directors, Professor Benedict Oramah, and Prime Minister of the Republic of Haiti, Honorable Dr. Garry Conille, signed the documents formally establishing Haiti’s entry into the partnership on September 25 at the Haitian Investment Forum, which was held on the fringes of the 79th United Nations General Assembly (UNGA) in New York, according to a press release from the bank.
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The Partnership Agreement was introduced by the Bank in 2022 in response to the African Union’s 2008 resolution that recognized the Diaspora as the sixth region of Africa. It acknowledges the strong historical, cultural, and political ties that Africans on the continent and in the Diaspora share and their shared sense of identity. Consequently, it aims to advance the Global Africa agenda to spur economic growth. This includes expanding two-way commerce and investment between Africa and its Diaspora.
With Haiti’s signature, the Partnership Agreement has now been ratified by nine out of the fifteen CARICOM member states, making 12 of them total. The measure makes it possible for institutions in the public and commercial sectors of the nation to access the US$1.5 billion funding cap that the Afreximbank Board approved in order to assist regional projects and trade-related transactions. Once every state in CARICOM signs the cooperation agreement, this cap will quadruple.
Afreximbank revealed intentions to establish a US$ 250 million facility to aid in the reconstruction of the Haitian economy during the event.
Hon. Dr. Garry Conille, the prime minister of Haiti, stated as follows: “It is with immense gratitude that we receive your announcement today of a US$250 million facility for Haiti. This is a decisive and impactful gesture that holds the promise of revitalization for our economy and renewal for our people. This facility will allow us to address some of the most pressing challenges we face, from infrastructure and energy to agriculture and manufacturing. It will also serve as a catalyst for unlocking the potential that exists within our nation—potential that has long been stifled but never extinguished.”
The building, he said, would provide the circumstances for Haiti to “once again stand tall,” making contributions to the local community as well as the global community. It was a tangible step toward restoring Haiti’s proper place in the global economy.
The President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, stated in his remarks:
“I express deep and sincere gratitude to the Prime Minister of Haiti, The Honourable Dr. Garry Conille, for his courage and demonstrated commitment to advancing trade and investment relations between Africa and Haiti, and the Caribbean region in general. Haiti’s accession to this Partnership Agreement marks another historic move towards enhanced Afri-Caribbean cooperation thereby helping to propel the Global Africa agenda towards a more prosperous future.”
After the Partnership Agreement was introduced with the Caribbean countries, Afreximbank opened its regional office in Barbados and held three editions of its AfriCaribbean Trade and Investment Forum (ACTIF) in the area. With a focus on important sectors including SME finance, infrastructure development, and climate adaptation projects, the international bank has funded CARICOM with more than US$2.5 billion in less than two years.
With over 4,000 attendees from all around the world, the Bank’s 2024 Annual Meetings were held in The Bahamas in June. This was a momentous occasion. As one of Afreximbank’s high-level events to showcase the Global Africa movement, the event also functioned as the third ACTIF.
With a mission to finance and promote both intra- and extra-African trade, the African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution. Over three decades, the Bank has employed creative financing solutions to support the restructuring of Africa’s trade structure, accelerating industrialization and intra-regional trade, and thereby promoting the continent’s economic expansion.
