Guyana is on the verge of securing a substantial $500 million in funding from the African Export-Import (Afrexim) Bank to bolster the nation’s ongoing infrastructure initiatives. This announcement came from Benedict Oramah, President and Chairman of the Board of Directors of Afrexim, during the second AFRI Caribbean Trade and Investment Forum held at the Marriott Hotel in Georgetown, Guyana.
In his address to the gathering of African and Caribbean officials, Oramah outlined Afrexim’s commitment to collaborating with the region across various sectors and forming robust partnerships with nations. For Guyana, a significant transaction worth $500 million has been agreed upon to support the acceleration of infrastructure development projects initiated by the Guyanese Government.
Officials are expected to finalize the necessary documentation for this bridge financing deal. Additionally, Afrexim is extending its support to St. Lucia with a $16 million loan to aid in reconstructing schools damaged by a recent tropical storm on the island.
Oramah shared that the financing facility is establishing its inaugural regional headquarters in Barbados, where the first AFRI Caribbean Trade and Investment Forum took place the previous year. This facility will serve as the permanent Caribbean office, encompassing a hotel, trade information services, conference facilities, and exhibition spaces. The establishment of this center is anticipated to lead to substantial growth in regional trade between African and Caribbean nations.
Oramah emphasized the importance of unity in the current global landscape, stating, “We must persevere and forge ahead, mindful that the path we have chosen is the shock absorber we need now. In a de-globalizing world, small, open economies will suffer if they don’t bind together, and there can be no better binding than that of brothers and sisters represented by AfriCaribbean trade and investment integration.”
A significant development is the pilot program Afreximbank plans to launch for the Pan-African Payment and Settlement System (PAPSS) to serve CARICOM Central Banks as the payment infrastructure for CARICOM by the end of 2024.
President Dr. Irfaan Ali of Guyana highlighted the unique challenges facing the Caribbean Community (CARICOM) and expressed gratitude for Afreximbank’s support in addressing these regional issues. Afreximbank has approved a $1.5 billion facility for CARICOM states, with a commitment to increasing it to $3 billion once all 15 CARICOM countries have signed the partnership treaty. Afreximbank’s five trade and investment missions to CARICOM have resulted in deals worth $2 billion, with critical transactions either approved or in the final stages of approval.
President Ali stressed the potential of African and Caribbean leaders to offer solutions to global crises affecting their regions. He expressed confidence that the forum would continue to foster discussions and actionable plans to strengthen partnerships between these nations.
Special Reporter, Georgetown, Guyana
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