The Tribune

By EARYEL BOWLEG

Tribune Staff Reporter

ebowleg@tribunemedia.net

A PROPOSED hotel development in The Bahamas has cleared the first stage of Afreximbank’s credit approval process, with a senior bank executive saying the project could advance to formal approval and public announcement soon.

Okechukwu Ihejirika, chief operating officer of Afreximbank’s Caribbean Office, said the project is still moving through the bank’s financing review process.

“There’s a hotel project that passed through our first level of credit approval, still very much ongoing. It’s going to be here in The Bahamas,” Mr Ihejirika said.

Although few details have been released publicly, Mr Ihejirika appeared to suggest the development will not be on New Providence.

When asked about the project’s location, he appeared to seek confirmation from reporters, asking, “Is it, you know, Abaco?”

After reporters responded affirmatively, he said: “It’s one of the private islands that's going to help attract more tourists here in The Bahamas and also help consolidate the values derivable from the tourism potential in the country.”

Mr Ihejirika declined to identify the developers involved or provide other details, saying discussions with the project’s promoters are still ongoing.

He said the proposal has advanced through the first stage of the bank’s approval process, with further due diligence and additional credit approvals still required.

“Depending on the amount, sometimes could be up to three levels. We've gotten the approval for the level one. We will take it to after, of course, the due diligence, technical due diligence, which is the next step. We'll be able to take it to the second level credit, and the third level credit is actually rapid.”

“Once the second level scales through, and then we'll be able to go into actual disbursement. So, I would say we're advancing pretty well. We hope that very soon we will be able to make the announcement that we are going ahead with that project.

The proposed hotel is among several private-sector initiatives being pursued by Afreximbank in The Bahamas as the institution expands its investment footprint in the country.

Mr Ihejirika said the bank has become increasingly involved in government-backed infrastructure projects, but is also seeking opportunities with private-sector partners.

“The Bahamas alone, last year we approved, signed a $200 million facility with the government to support infrastructure development. That shows the huge opportunities that are there on the government side,” he said.

“But as an institution, we don't only work with government. We also work with the private sector. That means we also have a few private sector led initiatives that we are also engaging on.”

He said the hotel project is separate from previously announced financing commitments.

“So, when we now look at what we have in the pipeline in the Bahamas, we're talking about about almost $500 million which is significant,” Mr Ihejirika said.

He spoke on the sidelines of the Afreximbank Roadshow 2026 at the Baha Mar Convention Centre on Friday. In 2024, The Bahamas hosted Afreximbank’s annual meetings and the Afro-Caribbean Trade and Investment Forum.

The roadshow was designed to allow Afreximbank to engage directly with the Bahamian business community, raise awareness about the bank’s regional presence, and educate businesses about financing opportunities and services available through the institution.

Afreximbank has a $5bn financing limit for the Caribbean.

Mr Ihejirika said that although Afreximbank has been active in the Caribbean for about two years and previously visited The Bahamas in 2024, the bank is still relatively new to the region and wants businesses to understand how they can access its support.

Afreximbank has deepened its relationship with The Bahamas since signing a Memorandum of Understanding with the government in 2023.

Prime Minister Philip “Brave” Davis said the partnership has already delivered financing support for key national priorities, including road infrastructure and a $30m facility through the Bahamas Development Bank aimed at increasing access to funding for small businesses.

“One of the key priorities for The Bahamas moving forward is the creation of even more pathways to opportunity for local entrepreneurs, especially small business owners. Economic growth must translate into broader economic participation, ensuring that more Bahamians have the chance to build businesses, create jobs, and share in the country’s progress,” he said.

“We have made some progress in this area, but continuing to strengthen access to capital through institutions such as the Afreximbank is an important part of our ongoing efforts. This roadshow also reminds us of the importance of regional and international cooperation at a time when many economies are navigating uncertainty.”

Several major Afreximbank-backed initiatives are underway in The Bahamas, including a $40m facility for the Cat Island Infrastructure Company aimed at improving connectivity and development in the Family Islands.

Representatives said the project is expected to be completed by August 2027. The first phase includes the installation of 94 miles of water mains, targeted for completion by January 2027, along with 50 miles of road paving and an additional 45 miles of road restoration in areas affected by the water infrastructure works.

The bank also backed a $100m financing facility for Bahamas Striping Group to support business expansion, and a $200m framework agreement focused on developing climate-resilient and trade-enhancing infrastructure.

Bahamas Striping Group is currently carrying out road works spanning 63 miles in Exuma and 163 miles in Eleuthera.