Afreximbank Invests in Project to Rejuvenate AfriCaribbean Trade and Cultural Ties

Mr. Reginald Saunders, Acting Permanent Secretary, Ministry for Grand Bahama (seated, left) and Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank, Afreximbank (seated, right) sign the agreement to avail a Project Preparation Facility in favour of the of Government of the Commonwealth of The Bahamas to develop and implement an Afro-Caribbean Marketplace. The ceremony was witnessed by The Hon. Philip Edward Davis, K.C., Prime Minister and Minister of Finance, the Commonwealth of The Bahamas (3rd left), Hon. Ginger Moxey, Minister for Grand Bahama (centre) and Prof. Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank (3rd right).

Nassau, The Bahamas, 02 July 2024: -African Export-Import Bank (Afreximbank) has signed an agreement to avail a Project Preparation Facility in favour of the of Government of the Commonwealth of The Bahamas to develop and implement an Afro-Caribbean Marketplace. Once implemented, the Afro-Caribbean Marketplace will comprise 90 outlets dedicated to the sale of authentically African and Caribbean products from more than 54 African countries, 20 Caribbean states, 16 islands of the Bahamas and a transshipment hub to be located at the grounds of the former International Bazaar and Royal Oasis Tower and Casino in Freeport, Grand Bahama Island.

When completed, the project is expected to transform Grand Bahama into a major trade and cultural hub, enhance The Bahamas' strategic position in global maritime networks, foster economic growth, create jobs, and strengthen ties between African and Caribbean nations. The marketplace will boost SME growth, and foster cultural exchange, thereby contributing to the overall economic and social development of The Bahamas. The project preparation facility of US$ 1.86 million will fund essential pre-development activities that will advance the project to bankability, whereupon this is expected to unlock further investments estimated at US$ 50 million.

Extolling the impact of the facility, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank Group stated: "Afreximbank is very pleased to be providing funding towards the development of a unique Afro-Caribbean marketplace and trans-shipment project in the Bahamas. It is a strategic investment that allows us to realise our vision of positioning the Caribbean as the trans-shipment hub for Africa's trade with the Americas. It will also support logistics related to AfriCaribbean trade. The Bank commends the Government of the Bahamas for the bold initiative to harness the emerging Afri-Caribbean opportunities"

The Prime Minister and Minister of Finance, Hon. Philip Edward Davis said: "This agreement is a testament to our commitment to fostering strong economic and cultural partnerships. The Afro-Caribbean Marketplace and Logistics Cetner will position Grand Bahama as a beacon of international trade, creating a dynamic environment for growth and collaboration".

Minister for Grand Bahama the Honourable Ginger Moxey said: "The signing of the Project Preparation Facility with Afreximbank and the Government of The Bahamas marks a transformative step for Grand Bahama Island. The development of the Afro-Caribbean Marketplace and Logistics Center signifies our commitment to creating a vibrant hub for trade, culture, and innovation."

She added that: "This initiative will not only boost our local economy but also strengthen our ties with the African continent, fostering an environment of shared growth and prosperity. Grand Bahama is a resilient island and is poised to become a beacon of economic and cultural exchange. We are proud to lead this groundbreaking endeavour and cannot wait to see the limitless potential of our people come to life through this transformative project."

The agreement was signed by Mr. Reginald Saunders, Acting Permanent Secretary, Ministry for Grand Bahama and Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank, Afreximbank and was witnessed by The Hon. Philip Edward Davis, K.C., Prime Minister and Minister of Finance, the Commonwealth of The Bahamas, Prof. Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank and Hon. Ginger Moxey, Minister for Grand Bahama.

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About Afreximbank:

African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance, facilitate, and promote intra and extra-African trade. For over 30 years, the Bank has been deploying innovative instruments to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the AfCFTA, Afreximbank has in partnership with the African Union Commission and AFCFTA Secretariat launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the Free Trade Agreement. The AFCFTA Secretariat and the Bank have created a USD 10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA.

At the end of December 2023, Afreximbank's total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, "the Group"). The Bank is headquartered in Cairo, Egypt.

For more information, visit: www.afreximbank.comFor more information, visit: www.afreximbank.com

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