The African Export-Import Bank (Afreximbank) has increased its financing ceiling for Caribbean Community (CARICOM) member states from US$3 billion to US$5 billion, a move aimed at accelerating economic transformation and promoting value addition across the region.
The announcement was made by Afreximbank President and Board Chairman, Dr. George Elombi, during the 50th Regular Meeting of the Conference of Heads of Government of CARICOM, held from February 24 to 27 in Basseterre. According to Dr. Elombi, the Bank plans to fully utilise the expanded US$5 billion ceiling within the next three to four years.
The adjustment is part of Afreximbank’s Global Africa initiative, which seeks to strengthen economic, trade, and investment links between Africa and regions with historical and cultural connections to the continent, including the Caribbean. “The additional capacity is targeted toward projects that add value to local resources, particularly in agriculture and natural commodities,” Elombi said. “This includes processing raw agricultural products and other resources locally to create higher-value goods for both regional and international markets.”
Since the programme’s launch, Afreximbank has already disbursed over US$750 million in financing for CARICOM projects, with a pipeline of more than US$2 billion in various stages of execution. These funds have supported a broad array of activities, including infrastructure, trade finance, agro-processing, tourism value chains, logistics, healthcare, and renewable energy.
Thirteen CARICOM member states have now formally acceded to Afreximbank’s Establishment Agreement, enabling the Bank to deliver direct financing and technical assistance to governments and businesses through dedicated country programs and facilities.
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The financing framework covers both public and private sector initiatives. Public projects are expected to focus on infrastructure development, climate resilience, and improvements to energy and digital systems. Private sector support targets small and medium-sized enterprises in areas such as agro-industry, manufacturing, creative industries, and services, with a strong emphasis on generating employment for youth and improving livelihoods.
Under the Global Africa initiative, Afreximbank is also advancing related projects across the Caribbean. This includes the ongoing development of an African Trade Centre in Barbados, with an investment of approximately US$180 million announced in 2025. The centre is designed to facilitate trade, strengthen business networks, and support exchanges between Africa and the Caribbean.
Additional efforts include improving regional air connectivity, expanding creative industries via the Creative Africa Nexus (CANEX) programme, and implementing blended-finance solutions for climate-focused projects. Among these, the Green, Resilience and Sustainability Facility, developed in partnership with the CARICOM Development Fund, seeks to support environmentally sustainable and climate-resilient investments.
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Afreximbank operates as a multilateral development bank with a commercial orientation, offering a variety of instruments including direct loans, lines of credit, letters of credit, buyer and seller credits, guarantees, export credit insurance, and structured trade finance solutions. The expanded CARICOM ceiling allows the Bank to deepen South-South trade, which currently accounts for less than 1 percent of total trade flows between Africa and the Caribbean, and generate sustainable returns through trade-linked financing activities.
For Caribbean states, the increase provides greater access to capital for critical economic priorities. These include improving food security through local production and processing, advancing energy access and digital transformation, and strengthening resilience against climate risks, commodity price fluctuations, and global supply chain disruptions.
The next AfriCaribbean Trade and Investment Forum is scheduled for July 2026 in St. Kitts and Nevis. It is expected to serve as a platform for project planning, identifying new partnership opportunities, and advancing collaboration under the Global Africa agenda.
By raising its financing ceiling to $5 billion, Afreximbank signals its commitment to supporting medium-term economic transformation, regional integration, and sustainable growth in CARICOM, while reinforcing economic linkages with Africa through its Global Africa initiative.
