Get Ready For The Africa-Caribbean Trade and Investment Facility

The content originally appeared on: News Americas Now
President of the African Export-Import Bank (Afreximbank), Professor Benedict Oramah (centre) with Barbados’ Ambassador to CARICOM, David Comissiong; and Pro Vice-Chancellor and Principal, UWI, Cave Hill Campus, Professor Clive Landis, r.
(Cana image)

News Americas, BRIDGETOWN, Barbados, Fri. Oct. 1, 2021: A US $250 million Africa-Caribbean Trade and Investment Financing Facility could soon become a reality.

That’s according to President of the African Export-Import Bank (Afreximbank), Professor Benedict Oramah.

Speaking at a press conference this week during a visit to Barbados, Professor Oramah said they have agreed in principle that the African Export-Import Bank will put in place an initial amount of [US] $250 million in a facility called the “Africa-Caribbean Trade and Investment Financing Facility.”

“We know that if they (banks and companies) want to do business among themselves, there is financing to support it,” he added. “We believe that is the first hurdle we must cross. And so, we’re going to go back and get our board to…look at it and consider it as quickly as possible.”

Professor Oramah expressed the view that Africa and the Caribbean must begin with the low-hanging fruits and then work towards the more difficult areas.

He suggested that air and shipping links must be opened, and logistics facilities developed and pointed out Africa was working to diversify its economy and would also work to assist in varying that of the Caribbean region.

“We cannot continue the old way because the old way has not worked for us. We have to find new ways, and finding new ways must be founded in our roots…that bind us together as brothers and sisters,” he insisted.

He also said there is a need to promote tourism between Africa and the Caribbean in a direct manner, so it’s not that Africans come to the Caribbean in a roundabout way.

“We have to create direct relations that promote this. We have to find ways of also creating opportunities for investment for African businesses who want to invest in the Caribbean, and also for Caribbean businesses who want to invest in Africa,” Professor Oramah stated.