By Ayomide Otitoju
African Export-Import Bank (Afreximbank) has announced a major expansion of its financial engagement with the Caribbean Community (CARICOM), raising its regional financing limit from $3 billion to $5 billion over the next three to four years.
The increased commitment builds on more than $750 million already disbursed across the Caribbean and a pipeline of transactions exceeding $2 billion currently under execution, signalling a significant scale-up of support to both governments and private sector operators in the region.
Speaking at the 50th Regular Meeting of the Conference of Heads of Government of CARICOM in Basseterre, Saint Kitts and Nevis, on February 25, Afreximbank Executive Vice President Denys Denya Elombi said the bank intends to deepen its support for Caribbean economies.
“We will increase the global limit to this region from the current $3 billion to $5 billion, with the hope of achieving full utilisation over the next three to four years,” he said.
Elombi noted that the bank’s long-term vision is to help transform the structure of regional economies by investing in value addition and processing of agricultural products and natural resources. According to him, the strategy aims to retain more economic value within local economies, create jobs, boost incomes and generate greater government revenues.
Afreximbank’s planned interventions include the development of healthcare facilities in Barbados, Guyana and Grenada, as well as financing tourism projects in Barbados, Grenada, The Bahamas and Antigua and Barbuda.
The bank also plans to support agro-processing and logistics projects in Barbados, Guyana, Antigua and Barbuda, and Saint Kitts and Nevis, while backing infrastructure development including power generation, road construction, conferencing facilities and trade centres in Grenada, Jamaica, the Bahamas and Suriname.
Additional initiatives include financing support for banks in Suriname, Saint Lucia, Grenada and Dominica, including SME-focused on-lending facilities to development banks across the region.
Elombi said the bank is also promoting local content development in natural resource-rich countries to enable regional entrepreneurs to participate more actively in key industries, while working on frameworks to improve sea and air connectivity across the Caribbean to boost trade, investment and mobility.
He added that Afreximbank plans to expand its Creative Africa Nexus Programme to support financing, capacity building and trade in creative goods and services between Africa and the Caribbean.
Following discussions with the Eastern Caribbean Central Bank, Afreximbank also agreed to support the implementation of a regional development strategy aimed at doubling the Caribbean economy within the next decade through investments in infrastructure, power generation and agricultural production.
The bank is already collaborating with African companies including Access Bank, Oando and Arise Integrated Industrial Platforms to facilitate their expansion into the Caribbean. Arise IIP is currently exploring the establishment of special economic zones in several countries in the region.
Elombi reaffirmed the bank’s commitment to establishing the Afreximbank African Trade Centre in Bridgetown, Barbados, to strengthen its presence in the Caribbean. He also said Afreximbank would continue efforts to establish a Caribbean Eximbank to support major investments required to transform regional economies.
He welcomed the decision by the Committee of CARICOM Central Bank Governors to move forward with the CARICOM Payment and Settlement System, modelled on the Pan-African Payment and Settlement System launched by Afreximbank in 2022, describing it as an important step toward deepening regional trade through low-cost, real-time cross-border payments in local currencies.
Elombi attended the meeting, held under the theme “Beyond Words: Action Today for a Thriving, Sustainable CARICOM,” as a special guest. The summit, which ran from February 24 to 27, also featured addresses by Carla Barnett, Secretary-General of the Commonwealth of Nations, and Adel al-Jubeir, Saudi Arabia’s Minister of State for Foreign Affairs.
Meanwhile, Saint Kitts and Nevis is set to host the fifth Africa-Caribbean Trade and Investment Forum 2026 (ACTIF2026) in July, which will bring together leaders from Africa and the Caribbean for panel discussions, business matchmaking sessions, cultural showcases and investment deal signings.
