Eastern Caribbean countries have forged stronger business with Africa through a partnership inked with the African Export-Import Bank (Afreximbank).
In addition, the just-ended inaugural AfriCaribbean Trade & Investment Forum held in Barbados, which opened last Thursday (September 1), has provided the lynchpin for further collaboration between the Eastern Caribbean and Afreximbank. During the successful AfriCaribbean Trade & Investment Forum 2022, a partnership between Afreximbank and seven members of the Caribbean Community (CARICOM) was signed.
These seven territories are Barbados, Antigua & Barbuda, Dominica, St Lucia, Suriname, St Kitts and Nevis, and St Vincent and the Grenadines. The Partnership Agreement was signed by Dr Benedict Oramah, president and chairman of the Afreximbank Board of Directors, and the prime ministers/ministers of the relevant Caribbean states.
The agreement is aimed at promoting and financing South-South trade and investment between Africa and the Caribbean, and providing insurance and guarantee services covering commercial and non-commercial risks associated with African and Caribbean exports.
A communiqué from the summit outlined the areas of the partnership agreement as:
- Enable promotion and financing of South-South trade between African and Caribbean countries;
- Promote the financing by the Bank of exports and imports of non-traditional African and Caribbean goods and services;
- Support the promotion and provision of insurance and guarantee services covering commercial and non-commercial risks associated with African and Caribbean exports;
- Provide support to payment arrangements aimed at expanding the international trade of African States and Caribbean States;
- Facilitate the carrying out of market research and the provision of any auxiliary services aimed at expanding the international trade of African and Caribbean countries and
- Facilitate and support banking operations and the borrowing of funds.