The Hon. Jason Hayward, Minister of Economy and Labour, recently attended the AfriCaribbean Trade and Investment Forum (ACTIF), an initiative of Afrieximbank, which took place on October 30-31 in Georgetown, Guyana. The event was organised under the impactful theme: "Creating a Shared and Prosperous Future."
Afreximbank, the leading trade finance institution in Africa, recently established an office in Barbados as it expands its operations to the Caribbean in order to drive new trade and investment between the two regions.
In 2022, Afreximbank announced that it will commit $1.5 billion in trade financing facilities to Caribbean Community (CARICOM) member states, increasing to $3 billion once all states sign the Partnership Agreement.
At the ACTIF conference, Afrieximbank announced US$500 million to Guyana for infrastructure development. Afrieximbank is also poised to approve a Caribbean tourism revitalisation fund, as well as renewable energy and SME development projects in Barbados, St.Lucia, The Bahamas, St. Kitts and Grenada.
During the forum, Minister Hayward had the opportunity to meet with President and Chairman Prof. Benedict Omarah and Executive Vice President Kanayo Awani of Afrieximbank to discuss shared visions for sustainable AfriCaribbean economic growth.
Minister Hayward stated, "Forging strong relationships with the African continent via Afreximbank is pivotal for Bermuda to take advantage of sizable untapped opportunities to attract new business and investment into Bermuda in alignment with our Economic Development Strategy. We view the development of these relationships as an opportunity to drive synergistic economic growth and prosperity together with some of the world’s fastest growing economies.”
The forum exposed the significant opportunities for investment presented by African markets, as well as the importance of forging commercial relationships as the continent gears up to outpace the rest of the world in economic growth in 2023 and 2024.