The African Export-Import Bank (Afreximbank) and the Caribbean Export Development Agency (CEDA) have joined forces to strengthen economic ties between Africa and the Caribbean. A Memorandum of Understanding (MoU) signed on June 14th in The Bahamas paves the way for collaboration in several key areas.
The agreement focuses on capacity building, knowledge sharing, and trade promotion initiatives. This collaboration is expected to unlock new opportunities for trade and investment between the two regions, fostering mutual economic growth.
Afreximbank sees the Caribbean as a vital part of the African diaspora, aligning with the African Union’s vision. Kanayo Awani, Afreximbank’s Executive Vice President, highlighted the bank’s existing partnerships in the Caribbean, including the inclusion of CARICOM member states in the African Vaccine Acquisition Trust (AVAT) program.
Afreximbank has also made significant strides in the region through initiatives like hosting the AfriCaribbean Trade and Investment Forums, opening a regional office in Barbados, and providing financing for climate adaptation projects in St. Lucia and sports infrastructure development in Barbados.
Awani credits strong partnerships with Caribbean institutions for these successes and believes the collaboration with CEDA will be a catalyst for a significant increase in trade and economic cooperation between Africa and the Caribbean.
