In a landmark move to deepen economic and cultural ties between Africa and the Caribbean, Afreximbank President and Chairman of the Board of Directors, Professor Benedict Oramah, has announced a $180 million investment in the Afreximbank Africa Trade Centre (AATC) in Bridgetown, Barbados.
Speaking at the groundbreaking ceremony, Oramah described the initiative as a defining moment in Africa-Caribbean relations, marking a long-overdue step toward economic integration between the two regions. He reflected on the historical ties between Africa and the Caribbean, tracing them back to the Transatlantic Slave Trade and the centuries-old longing for reunification. He recalled how Liberia’s President Arthur Barclay welcomed 350 Barbadians as citizens in 1865 and highlighted the efforts of Pan-Africanists such as Marcus Garvey, W.E.B. Du Bois, Kwame Nkrumah, Bob Marley, and Peter Tosh in championing unity between Africa and its diaspora. The Bridgetown project, he said, would transform these historic aspirations into tangible action.
The AATC marks the first time an African multilateral financial institution is establishing a permanent presence in the Caribbean, reinforcing a strategic economic partnership between Africa and the twelve CARICOM Participating States. Oramah credited Barbadian Prime Minister Mia Mottley for her leadership in bringing the project to fruition.
The Afreximbank Africa Trade Centre will serve as a world-class business and economic hub, featuring two twelve-story towers designed to facilitate trade, investment, and financial collaboration between the two regions. Subject to planning approvals, the development will include a high-end hotel to boost Barbados’ hospitality sector, Afreximbank’s regional offices, office spaces for African and Caribbean businesses, and a business hub to support enterprises expanding within CARICOM.
A major component of the AATC will be its emphasis on digital transformation. The facility will house a technology and SME incubation center, along with a Digital African Trade Gateway that will provide trade information, customer due diligence services, and digital payment solutions. These tools are expected to streamline trade between Africa, the Caribbean, and global markets. Additionally, a modern conference and exhibition center will connect with other Afreximbank Trade Centres in Nigeria, Zimbabwe, Egypt, Uganda, Côte d’Ivoire, and Cameroon, creating a global business network.
The project is expected to have a significant economic impact on Barbados and the wider Caribbean. During construction, it will create approximately 1,000 direct and indirect jobs, with 50 small and medium-sized enterprises (SMEs) engaged as subcontractors and suppliers. Once operational, the center will sustain around 300 direct jobs, fostering entrepreneurship and business growth in the region.
Beyond job creation, the initiative aligns with Afreximbank’s broader strategy to accelerate trade and investment between Africa and the Caribbean. The bank has raised its credit limit for CARICOM countries from $1.5 billion to $2.5 billion and is preparing to launch a $5 billion Concessional Finance Window, aimed at providing tailored financial solutions to address the unique economic needs of Caribbean nations. Over time, these investments are expected to strengthen economic resilience and expand trade flows between the two regions.
The Bridgetown AATC is part of a larger vision to establish a Caribbean Export-Import Bank, which Afreximbank hopes will eventually expand its footprint into Africa. In collaboration with the Caribbean Development Fund, the bank is also introducing a Resilience and Sustainability Facility to drive long-term economic stability and regional integration within CARICOM.
Afreximbank’s presence in Barbados extends beyond infrastructure and trade. The bank has already provided $25 million for refurbishing a sports complex that played a crucial role in hosting the Cricket World Cup. Additionally, it has earmarked $300 million for future projects, including the development of a logistics hub and a $50 million tourism facility to support small hotel owners in upgrading their properties. Discussions are also ongoing for Barbados to participate in Afreximbank’s impact equity fund, FEDA, which would unlock further investment opportunities for local businesses.
Alongside its economic initiatives, Afreximbank is committed to community development. It has disbursed grants to support the Eden Lodge Youth Charitable Organisation’s back-to-school program, benefiting over 500 children. Additionally, it has pledged $3.5 million to Barbados’ Urban Transformation Fund to revitalize areas surrounding the AATC, ensuring local businesses and communities directly benefit from the project.
Reflecting on progress made in reconnecting Africa and the Caribbean, Oramah noted that CARICOM governments’ willingness to partner with Afreximbank in creating homegrown solutions has been key to achieving these milestones. He reaffirmed the bank’s commitment to working alongside the Government of Barbados to deliver the AATC within its 30-month timeline.
Oramah expressed gratitude to Prime Minister Mia Mottley, Saint Lucia’s Prime Minister Philip J. Pierre, and CARICOM Secretary-General Carla Barnett for their support, as well as to Afreximbank’s Board of Directors and other government agencies involved in the project.
With the Bridgetown AATC set to become a premier hub for Afri-Caribbean trade, investment, and business development, Oramah declared that the future of economic collaboration between Africa and the Caribbean is brighter than ever. He described the groundbreaking as a significant step in reshaping global economic relations and fostering a future of shared prosperity
