The Tribune

By JEFAY SIMMONS

Tribune Reporter

jsimmons@tribunemedia.net

The African Export-Import Bank (Afreximbank) is eyeing a $700m investment in the Caribbean as it prepares for its annual general meeting (AGM) that will be held in The Bahamas this June.

Prime Minister Philip Davis KC, speaking at the signing of the agreement for The Bahamas to host the meeting, said the upcoming AGM will “be remembered by the decisions made and agreements made”.

He said: “Afreximbank foreshadows an investment of $700m in the Caribbean, a bold statement of faith in our collective future. It is a future in which the Caribbean Community (CARICOM) can unlock much-needed economic and social benefits.

“This annual general meeting in The Bahamas will be remembered for the decisions made and agreements signed but also, more significantly, as the moment when Africa and The Caribbean came together for a better future.”

The Davis administration has moved to forge stronger ties between The Bahamas and various African nations, courting the likes of Bostwana extensively. There is little doubt that it hopes The Bahamas will receive a portion of that $700m, given that it represents lower-cost financing compared to the double-digit rates this nation’s sovereign debt would attract on the international bond markets.

Mr Davis, meanwhile, said discussions at the upcoming AGM will focus on climate resilience, financial inclusivity and digital transformation. He added that, by facilitating Afreximbank’s annual conference, The Bahamas is removing barriers that have divided the Caribbean and Africa.

He said: “As we prepare to welcome the continent of Africa to our shores, we are reaffirming a vision where our economies are intertwined in support of one another, where the barriers that have historically divided us are dismantled, and where our collective strength is recognised as the tide that will lift all boats.

“We are setting the stage for discussions to aid us in navigating the challenges of our times, including climate resilience, financial inclusivity and the digital transformation of our economies.” Mr Davis said that, by collaborating economically, the Caribbean and Africa will achieve “mutual prosperity” and connect people and cultures.

He said: “Our ancestral history is marked by strength in the face of adversity, beauty and creativity even amid scarcity, and a relentless pursuit of self-determination. In the Caribbean, our forebears, who traversed the vast expanses of the Atlantic – not by choice but by force – today unite us in a cause that is far greater than the ocean that separates us.

“Their dreams, their struggles, and their hopes are encapsulated in this moment as we, their descendants, forge a future where Africa and The Caribbean stand shoulder to shoulder - not just in solidarity, but in economic collaboration for mutual prosperity. This AGM meeting in The Bahamas is a symbol of what we can accomplish through unity.

“In today’s world, amid economic and environmental challenges, we choose collective advancement over self-preservation. Instead of building walls, we choose instead to build bridges - bridges of trade, innovation, financial integration and, most importantly, bridges connecting our people and cultures.”