Jamaica has officially acceded to the Establishment Agreement of African Export-Import Bank (Afreximbank) (www.Afreximbank.com), becoming the 13th Caribbean Community (CARICOM) Member State of the African Multilateral Financial Institution. The historic signing took place on the sidelines of the 49th Regular Meeting of the Conference of Heads of Government of the Caribbean Community.
Jamaica’s accession marks a major achievement in the growth of Global Africa: an intercontinental partnership committed to economic transformation and self-determination for African nations and their diaspora. The move unlocks an additional US$1.5 billion financing for Jamaica and other Caribbean economies, raising Afreximbank’s total approved facility for the region to US$3 billion, contingent upon full CARICOM membership.
Commenting at the signing ceremony, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, emphasised the mutual benefits to both parties:
“We are thrilled to welcome Jamaica into the Afreximbank family. Jamaica’s accession to the Partnership Agreement marks a pivotal step towards realising the vision of our forefathers—a united and prosperous Global Africa, built on a platform of South-South cooperation. The Partnership Agreement unlocks Afreximbank’s financing solutions, trade facilitation tools, and investment opportunities, empowering Jamaican businesses to access African markets while fostering reciprocal trade.
Dr. The Most Honourable Andrew Holness, Prime Minister of Jamaica, expressed his optimism for Jamaica’s membership of the Bank:
“This is a significant and strategic step that strengthens Jamaica’s ability to access increased trade financing, investment support, and technical assistance. The agreement creates real opportunities for Jamaica to benefit from Afreximbank’s expanding suite of financial instruments, including trade guarantees, project financing, and capital support tailored to the needs of developing economies. It positions Jamaica to tap into new sources of funding for critical sectors such as manufacturing, logistics, agriculture, and the creative industries, while laying the foundation for deeper collaboration between African and Caribbean businesses.”
This historic signing builds on the momentum of the inaugural AfriCaribbean Trade and Investment Forum (ACTIF), held in Bridgetown, Barbados in September 2022, where Caribbean nations reaffirmed their commitment to closer Africa-Caribbean cooperation. Since then, Afreximbank has hosted successive ACTIFs in Guyana (2023) and The Bahamas (2024), with the fourth forum scheduled for 28–29 July 2025 in Grenada.
Since establishing its regional office, Afreximbank has approved over US$700 million in financing across the Caribbean, with a pipeline exceeding US$2 billion. Investments have supported key sectors such as energy, tourism, education, and small business development across Barbados, St. Lucia, Suriname, Grenada, and The Bahamas. The Bank also provided over US$4.3 million in pandemic-related assistance through the Africa Vaccine Acquisition Task Team (AVATT) to The Bahamas, Antigua & Barbuda, and Trinidad & Tobago.
Distributed by APO Group on behalf of Afreximbank.
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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.
For more information, visit: www.Afreximbank.com