July 14, 2025
Jamaica has officially acceded to the Establishment Agreement of the African Export-Import Bank (Afreximbank), becoming the 13th Caribbean Community (CARICOM) member state of the African multilateral financial institution. The historic signing took place on the sidelines of the 49th Regular Meeting of the Conference of Heads of Government of the Caribbean Community.
Jamaica’s accession represents a major achievement in advancing Global Africa, an intercontinental partnership committed to economic transformation and self-determination for African nations and their diaspora. This move unlocks an additional US$1.5 billion in financing for Jamaica and other Caribbean economies, raising Afreximbank’s total approved facility for the region to US$3 billion, contingent upon full CARICOM membership.
At the signing ceremony, Prof. Benedict Oramah, president and chairman of the board of directors of Afreximbank, highlighted the mutual benefits to both parties:
“We are thrilled to welcome Jamaica into the Afreximbank family. Jamaica’s accession to the Partnership Agreement marks a pivotal step toward realising the vision of our forefathers, a united and prosperous Global Africa built on a platform of South-South cooperation. The Partnership Agreement unlocks Afreximbank’s financing solutions, trade facilitation tools, and investment opportunities, empowering Jamaican businesses to access African markets while fostering reciprocal trade.”
Andrew Holness, Prime Minister of Jamaica, expressed optimism about the country’s membership in the bank:
“This is a significant and strategic step that strengthens Jamaica’s ability to access increased trade financing, investment support, and technical assistance. The agreement creates real opportunities for Jamaica to benefit from Afreximbank’s expanding suite of financial instruments, including trade guarantees, project financing, and capital support tailored to the needs of developing economies. It positions Jamaica to tap into new sources of funding for critical sectors such as manufacturing, logistics, agriculture, and the creative industries, while laying the foundation for deeper collaboration between African and Caribbean businesses.”
This historic signing builds on the momentum of the inaugural AfriCaribbean Trade and Investment Forum (ACTIF), held in Bridgetown, Barbados in September 2022, where Caribbean nations reaffirmed their commitment to closer Africa-Caribbean cooperation. Since then, Afreximbank has hosted successive ACTIFs in Guyana in 2023 and The Bahamas in 2024, with the fourth forum scheduled for 28 to 29 July 2025 in Grenada.
Since establishing its regional office, Afreximbank has approved over US$700 million in financing across the Caribbean, with a pipeline exceeding US$2 billion. Investments have supported key sectors such as energy, tourism, education, and small business development in Barbados, Saint Lucia, Suriname, Grenada, and The Bahamas.
Source: (Caribbean News Global)
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