NASSAU, Bahamas – African Export-Import Bank (Afreximbank), a Pan-African multilateral financial institution mandated to finance, facilitate, and promote intra and extra-African trade, says it has signed an agreement to avail a project preparation facility in favor of the Bahamas government.
It said that the project is to develop and implement an Afro-Caribbean Marketplace and that once implemented, the Afro-Caribbean Marketplace will comprise 90 outlets dedicated to the sale of authentically African and Caribbean products from more than 54 African countries, 20 Caribbean states, 16 islands of the Bahamas and a transshipment hub.
Afreximbank said when completed, the project is expected to transform Grand Bahama into a major trade and cultural hub, enhance The Bahamas’ strategic position in global maritime networks, foster economic growth, create jobs, and strengthen ties between African and Caribbean countries.
It said the marketplace will boost small medium enterprises (SME) growth, and foster cultural exchange, thereby contributing to the overall economic and social development of The Bahamas.
“The project preparation facility of US$1.86 million will fund essential pre-development activities that will advance the project to bankability, whereupon this is expected to unlock further investments estimated at US$50 million,” the bank said.
“Afreximbank is very pleased to be providing funding towards the development of a unique Afro-Caribbean marketplace and trans-shipment project in the Bahamas. It is a strategic investment that allows us to realise our vision of positioning the Caribbean as the trans-shipment hub for Africa’s trade with the Americas.
“It will also support logistics related to AfriCaribbean trade. The bank commends the Government of the Bahamas for the bold initiative to harness the emerging Afri-Caribbean opportunities,” said Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank Group.
Bahamas Prime Minister Philip Edward Davis said “this agreement is a testament to our commitment to fostering strong economic and cultural partnerships.
“The Afro-Caribbean Marketplace and Logistics Cetner will position Grand Bahama as a beacon of international trade, creating a dynamic environment for growth and collaboration,” he added.
