ST. GEORGES, Grenada – AS part of its deepening commitment to the Caribbean, the African Export-Import Bank (Afreximbank) is working with regional partners to establish a US$250 million Growth, Resilience, and Sustainability Fund (GRSF) to support climate change adaptation.
The fund—being developed in collaboration with the Caribbean Development Bank—is intended to mobilize alternative financing and leverage public assets to support 22 large-scale adaptation projects across CARICOM Member States.
Outgoing Afreximbank President, Professor Benedict Oramah, said the initiative is designed to help overcome fiscal challenges while promoting sustainable development in the region.
The GRSF is aimed at addressing the fiscal constraints while fostering economic growth and climate resilienc, Dr. Oramah told more than 2,000 delegates, government leaders, and media at the Fourth Africa-Caribbean Trade and Investment Forum in Grenada.
The bank has been ramping up its investment footprint across the Caribbean, already disbursing US$1.5 billion from a US$3 billion credit facility earmarked for development projects.
“By raising US$250 million through a coalition of multilateral financial institutions, the GRSF will empower public sector projects that support the livelihoods of citizens and strengthen communities against climate challenges,” Oramah added.
In addition to climate financing, Afreximbank is also spearheading efforts to modernize regional trade systems. The bank, in partnership with regional institutions, has launched the Caribbean Payment and Settlement System (CAPSS)—modeled after Africa’s Pan-African Payment and Settlement System (PAPSS).
CAPSS is expected to revolutionize intra-regional trade by enabling payments in local currencies, eliminating expensive currency conversions, speeding up transactions, and “decolonising our payment ecosystems”.
