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Photo via CMC
NASSAU, Bahamas, MC -The African Export-Import Bank (Afreximbank) says it is providing a US$100 million Receivables Discounting Facility to the Bahamas Striping Group of Companies Ltd (BSGC) to assist with the financing of the rehabilitation and construction of over 200 miles of critical road infrastructure across The Bahamas.
“We are grateful to Afreximbank for standing with us through every stage of the process, and we are proud that this transaction strengthens our ability to execute major projects, support our subcontractors and vendors, and scale opportunities,” said BSGC’s executive chairman, Dominic Sturrup.
The Pan-African multilateral financial institution said the funds will be disbursed under a framework agreement signed with the Bahamas government that was signed on the sidelines of the Caribbean Community (CARICOM) summit in Barbados in 2025.
The funds are expected to allow BSGC to advance an extensive national infrastructure overhaul designed to ensure safer, more durable road networks that boost commerce, tourism and logistics across the archipelago.
Afreximbank said it acted as the lender for the transaction, providing the facility arising from government contracts and enabling BSGC to accelerate project execution and receive advance funding for completed and certified works, which include asphalt paving, road striping, safety enhancements and maintenance across multiple islands in The Bahamas.
Afreximbank’s acting chief executive officer, Okechukwu Ihejirika, that the funding reflected the bank’s “steadfast commitment to supporting Global Africa partners in developing trade-enabling infrastructure.
“This facility represents an innovative approach to structured finance in cross-regional partnerships and aligns with our mandate to foster a connected Global Africa that encompasses CARICOM. By enabling these extensive road rehabilitation works, we are driving sustainable development and enhanced economic opportunities,” he said.
Ihejirika reiterated Afreximbank’s commitment to building on the partnerships forged at the Bank’s 2024 annual meetings and the AfriCaribbean Trade and Investment Forum, held in Nassau, noting that the transaction followed the signing of a framework agreement with the government.
BSGC president, Atario Mitchell, sai the US$100 million receivables factoring facility will enable the local companies to meet their financial obligations, such as paying employees, purchasing materials, and expanding operations.
“This facility gives BSGC the ability to move faster, plan better, and execute with even greater reliability across multiple islands,” said Mitchell.
BSGC is an indigenous Bahamian-owned entity founded in 2010 and has completed over 200 projects across Nassau, Exuma and Eleuthera regions, employing over 300 persons, including subcontractors.
