Jamaica has acceded to the partnership agreement between CARICOM and the African Export-Import Bank (Afreximbank), becoming the 13th country in the 15-member regional bloc to do so.
With Kingston’s ascension to the agreement comes an additional US$1.5 billion in financing to the Caribbean region.
Afreximbank introduced the partnership agreement in 2022, following the African Union’s 2008 resolution designating the African Diaspora as the sixth region of the continent.
The move, solidified through the signing of a memorandum of understanding during the 49th CARICOM Heads of Government meeting in Montego Bay, Jamaica, pushes total available funds for the region to US$3 billion, aimed at deepening trade and investment ties between Africa and the Caribbean.
President and Chairman of the Board of Afreximbank, Professor Benedict Okechukwu Oramah, described Jamaica’s signature to the agreement as “an incredible opportunity for even greater transformative impact”.
He said that it strategically positions the bank to deepen its financial engagement in the region, including potential long-term capital investments to support the growth and development of SMEs in Jamaica.
Echoing the sentiment, Okechukwu Ihejirika, acting chief operating officer for Afreximbank’s Barbados-based Caribbean Office, said the initiative Afreximbank has taken in coming to the region “is something that no other institution can make happen apart from Afreximbank”.
He said he was happy for the response from the governments in the CARICOM region.
“That shows that we are now ready to forge a greater partnership between Africa and CARICOM. This is something no other entity can do for us and we are now rising up to the challenge,” Ihejirika said.
Prime Minister of Jamaica, Andrew Holness, stressed the importance of moving beyond the signing of the agreement to implementing practical mechanisms for trade.
These, he noted, include settlement in local currencies, cross-listings on regional stock exchanges, and harmonised standards to reduce non-tariff barriers.