Jamaica has formally acceded to the Institution Settlement of the African Export-Import Financial institution (Afreximbank), turning into the thirteenth Caribbean Neighborhood (CARICOM) Member State to affix the African multilateral monetary establishment.
The historic signing passed off final week on the sidelines of the forty ninth Common Assembly of the Convention of Heads of Authorities of the Caribbean Neighborhood.
Jamaica’s accession represents a significant milestone within the progress of International Africa, an intercontinental partnership centered on financial transformation and self-determination for African nations and their diaspora. This transfer unlocks a further US$1.5 billion in financing for Jamaica and different Caribbean economies, rising Afreximbank’s whole accredited facility for the area to US$3 billion, contingent on full CARICOM membership.
On the signing ceremony, Prof. Benedict Oramah, President and Chairman of the Board of Administrators of Afreximbank, highlighted the mutual advantages of the partnership.
“We’re thrilled to welcome Jamaica into the Afreximbank household. Jamaica’s accession to the Partnership Settlement marks a pivotal step in the direction of realising the imaginative and prescient of our forefathers—a united and affluent International Africa, constructed on a platform of South-South cooperation. The Partnership Settlement unlocks Afreximbank’s financing options, commerce facilitation instruments, and funding alternatives, empowering Jamaican companies to entry African markets whereas fostering reciprocal commerce,” he mentioned.
Jamaica’s Prime Minister, Dr. The Most Honourable Andrew Holness, expressed optimism about the advantages Jamaica’s membership will carry.
“This can be a important and strategic step that strengthens Jamaica’s capacity to entry elevated commerce financing, funding assist, and technical help. The settlement creates actual alternatives for Jamaica to profit from Afreximbank’s increasing suite of economic devices, together with commerce ensures, undertaking financing, and capital assist tailor-made to the wants of creating economies. It positions Jamaica to faucet into new sources of funding for vital sectors equivalent to manufacturing, logistics, agriculture, and the inventive industries, whereas laying the muse for deeper collaboration between African and Caribbean companies,” Holness acknowledged.
This milestone builds on momentum from the inaugural AfriCaribbean Commerce and Funding Discussion board (ACTIF), held in Bridgetown, Barbados, in September 2022, the place Caribbean nations reaffirmed their dedication to nearer Africa-Caribbean cooperation. Since then, Afreximbank has hosted successive ACTIFs in Guyana (2023) and The Bahamas (2024), with the fourth discussion board scheduled for July 28–29, 2025, in Grenada.
Since opening its regional workplace, Afreximbank has accredited over US$700 million in financing throughout the Caribbean, with a pipeline exceeding US$2 billion. Investments have supported key sectors equivalent to vitality, tourism, training, and small enterprise growth in Barbados, St. Lucia, Suriname, Grenada, and The Bahamas. Moreover, the Financial institution offered over US$4.3 million in pandemic-related help by way of the Africa Vaccine Acquisition Process Group (AVATT) to The Bahamas, Antigua & Barbuda, and Trinidad & Tobago.
