Afreximbank, the African Export-Import Bank, has made a significant stride in enhancing trade relations between Africa and the Caribbean by launching its first-ever Afreximbank African Trade Centre (AATC) in Barbados. This groundbreaking initiative, valued at US$180 million, marks a pivotal moment for regional economic integration and investment opportunities between Africa and the CARICOM region.
The Barbados AATC, the first of its kind outside Africa, symbolizes a beacon of trade connectivity between the two regions. It is designed to foster intra-and extra-African trade, with a particular focus on countries of the Global South through Afreximbank’s Global Africa initiative. The center will serve as a hub for commerce, housing Afreximbank’s CARICOM office, a conference facility, a technology and SME incubator, a Digital Trade Gateway, a 100-room hotel, and a trade and exhibition center, among other amenities. This state-of-the-art complex is set to play a vital role in driving economic growth and regional cooperation in Barbados and the wider CARICOM community.
The concept of the AATC was born out of a 2018 decision by Afreximbank’s Board to establish trade facilitation hubs in key commercial capitals across Africa. The network of AATCs, including locations in Abuja, Harare, Kampala, Cairo, Abidjan, Yaoundé, Bridgetown, Kigali, and Tunis, aims to connect buyers, sellers, suppliers, and various stakeholders in the global trade and investment community. The selection of Bridgetown as a host city for the AATC underscores its strategic importance as a gateway for Afri-Caribbean trade and investments.
During the groundbreaking ceremony, The Honourable Mia Amor Mottley, Prime Minister of Barbados and Chairman of CARICOM, emphasized the historical significance of the site, which once housed Barbados’ first hospital for emancipated slaves. She expressed her government’s commitment to supporting Afreximbank’s presence in Barbados, highlighting the economic benefits and job opportunities the AATC will bring to the region. Prof. Benedict Oramah, President and Chairman of Afreximbank, echoed these sentiments, emphasizing the positive impact the project will have on Barbados and the wider Caribbean community.
The construction of the Barbados AATC is expected to generate around 1,000 direct and indirect jobs during the 30-month construction phase, with approximately 300 permanent jobs once the facility is operational. The center will also provide opportunities for local SMEs to participate as subcontractors and suppliers, further contributing to economic growth and employment in Barbados. Additionally, Afreximbank’s commitment to the region is evident through its extension of credit lines to CARICOM countries, totaling US$2.5 billion, aimed at supporting development initiatives and fostering economic growth.
The groundbreaking ceremony was attended by various dignitaries, including Hon. Dickon Amiss Thomas Mitchell, Prime Minister of Grenada, and Dr. Carla Barnett, Secretary General of CARICOM, among others. The event marked a significant milestone in Afreximbank’s mission to promote trade and investment between Africa and the Caribbean, paving the way for increased economic cooperation and prosperity for both regions.
In conclusion, the launch of the Afreximbank African Trade Centre in Barbados represents a historic moment in the economic partnership between Africa and the Caribbean. This state-of-the-art facility is poised to drive regional economic integration, enhance trade relations, and create sustainable development opportunities for both regions. As construction progresses, the Barbados AATC stands as a testament to the shared vision of fostering collaboration and prosperity between Africa and the CARICOM community.
