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Afreximbank Increases CARICOM Financing Cap to $5 Billion to Drive Regional Transformation
Afreximbank has announced a significant expansion of its engagement with the Caribbean Community (CARICOM), increasing its regional financing limit from US$3 billion to US$5 billion over the next 3-4 years. This builds on over $750 million already disbursed and a pipeline of $2 billion in ongoing projects. Dr. Elombi, speaking at the 50th CARICOM Heads of Government meeting in St. Kitts and Nevis, highlighted the Bank’s focus on value-added processing of agricultural and natural resources to boost economic growth, create jobs, and improve livelihoods. Key interventions include healthcare, tourism, agro-processing, infrastructure development, and support for local content in natural resource-rich countries.
Afreximbank is also collaborating with the Eastern Caribbean Central Bank to implement a regional development strategy aimed at doubling the region’s economy within a decade. Dr. Elombi reaffirmed the Bank’s commitment to establishing the Caribbean Eximbank and the Afreximbank African Trade Centre in Barbados. Additionally, the CARICOM Payment and Settlement System, inspired by Afreximbank’s PAPSS model, will facilitate low-cost, real-time cross-border payments. The fifth Afric-Caribbean Trade and Investment Forum will be hosted in St. Kitts and Nevis in July 2026.
Story: EfuaNessa
Source: Locotvgh