Barbados and other eligible CARICOM Member States are set to benefit from US$1.5 billion in funding approved by the African Export and Import Bank (Afreximbank).
This as the Bank’s Board of Directors approved financing to enable CARICOM Member States that have ratified the partnership agreement with Afreximbank, to tap into its various financial instruments.
The monies will allow countries to access financing facilities that support various identified economic sectors including tourism, healthcare, renewable energy, shipping, mining, agriculture, agribusiness, air links, and aquaculture.
Afreximbank will also work to support local financial institutions to source finance for small and medium-sized enterprises.
President and Chairman of the Board of Directors of Afreximbank, Professor Benedict Oramah, has described the development as another giant step in the historic reconnection being successfully forged between Africa and the Caribbean.