BASSETERRE, St. Kitts and Nevis (March 2, 2026) — THE African Export-Import Bank (Afreximbank) has announced a significant expansion of its engagement with the Caribbean Community (CARICOM), increasing its regional financing limit from US$3 billion to US$5 billion over the next three to four years.
The commitment builds on the US$750 million already disbursed across the region and a robust pipeline of over US$2 billion in transactions currently under execution.
While addressing the 50th Regular Meeting of the Conference of Heads of Government of CARICOM in Basseterre, Afreximbank President Dr. Benedict Oramah Elombi said the Bank intends to significantly expand its support to the region.
“We will, therefore, increase the global limit to this region from the current US$3 billion to US$5 billion, with the hope of achieving full utilisation over the next three to four years,” he told delegates.
In a media statement, the Bank said Dr. Elombi outlined the institution's long-term vision, emphasizing that over the next decade it aims “to change the structure of our economies.”
Dr. Elombi explained that Afreximbank plans to invest in value addition and the processing of agricultural outputs and natural resources to ensure Caribbean nations retain greater economic benefits.
The goal, he said, is “to retain significant value from these resources in our economies, generate wealth for our people, create jobs, and improve their livelihoods, with spillover impacts on government revenues and investments.”
Specific interventions will include developing healthcare facilities in Barbados, Guyana and Grenada; supporting tourism projects in Barbados, Grenada, The Bahamas, and Antigua and Barbuda; and financing agro-processing and logistics facilities in Barbados, Guyana, Antigua and Barbuda, and St. Kitts and Nevis.
Infrastructure development is also a priority, with planned investments in power generation and distribution, road projects, conferencing facilities, and trade centres in Grenada, Jamaica, The Bahamas, and Suriname.
The Bank will also provide financing support for banks in Suriname, St. Lucia, Grenada, and Dominica, including an SME-focused on-lending facility to development banks. Other initiatives include promoting local content participation in natural resource-rich countries, advancing sea and air interconnectivity to improve the movement of people and goods, and expanding the Creative Africa Nexus Programme to strengthen financing, capacity building, and trade in creative industries between Africa and the Caribbean.
Following discussions with the leadership of the Eastern Caribbean Central Bank, Dr. Elombi said Afreximbank has agreed to support the implementation of the region’s development strategy aimed at doubling the size of the Eastern Caribbean economy within a decade. That backing will focus on infrastructure, power generation and distribution, agricultural production, and processing.
He added that the Bank is already working with African institutions such as Access Bank, Oando, and Arise Integrated Industrial Platforms (Arise IIP) to establish a presence in the Caribbean. Arise IIP is exploring the development of special economic zones in several countries.
Dr. Elombi reaffirmed Afreximbank’s commitment to establishing the Afreximbank African Trade Centre in Bridgetown, Barbados, to consolidate its regional presence. He also said the Bank will continue advancing efforts toward the creation of a Caribbean Eximbank, which he described as an institution capable of making the difficult investments “necessary to change the structure of our economies.”
He welcomed the decision by the Committee of CARICOM Central Bank Governors to move forward with the CARICOM Payment and Settlement System, modeled on the Pan-African Payment and Settlement System (PAPSS), which Afreximbank pioneered in 2022.
The meeting, held under the theme “Beyond Words: Action Today for a Thriving, Sustainable CARICOM,” ran from February 24 to 27 and featured addresses from regional leaders, Carla Barnett, Secretary-General of the Commonwealth of Nations, and Adel al-Jubeir, Minister of State for Foreign Affairs of Saudi Arabia.
St. Kitts and Nevis is also set to host the fifth Africa-Caribbean Trade and Investment Forum (ACTIF 2026) in July, bringing together stakeholders from across Global Africa. The forum will feature panel discussions, business matchmaking sessions, cultural showcases, and deal signings.
