The African Export-Import Bank (Afreximbank), Africa’s premier multilateral financial institution, has made history with the groundbreaking of its first-ever Afreximbank African Trade Centre (AATC) in the Caribbean. Located in Bridgetown, Barbados, this landmark project signifies a significant step in strengthening trade ties between Africa and the CARICOM region.
A Milestone for Global Trade
With a projected investment of US$180 million, the Barbados AATC is the first of its kind outside Africa. Designed to foster economic growth, the centre aims to facilitate trade between African nations and the Caribbean, emphasizing partnerships within the Global South through Afreximbank’s Global Africa initiative.
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Strategic Location and Multifunctional Complex
The government of Barbados has granted 6.4 acres of land at Jemmotts Lane—formerly the Ministry of Health headquarters—for this prestigious development. Upon completion, the state-of-the-art business complex will feature:
- Afreximbank’s CARICOM regional office
- A conference facility
- A technology and SME incubator
- A Digital Trade Gateway
- A 100-room hotel
- A trade and exhibition centre
- Office spaces for local, regional, and international financial and policy organizations
Connecting Africa and the Caribbean
The Barbados AATC is part of a broader strategy initiated in 2018, when Afreximbank’s board approved the creation of trade facilitation hubs across major commercial capitals in Africa and the Caribbean. Alongside Bridgetown, these AATCs will be established in Abuja (Nigeria), Harare (Zimbabwe), Kampala (Uganda), Cairo (Egypt), Abidjan (Côte d’Ivoire), Yaoundé (Cameroon), Kigali (Rwanda), and Tunis (Tunisia). These hubs will enhance trade by linking businesses, financial institutions, and governments.
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Barbados’ Historical Significance
During the groundbreaking ceremony, Prime Minister Mia Amor Mottley, who also chairs CARICOM, highlighted the significance of the site. Originally home to Barbados’ first hospital for emancipated slaves in 1844, the land now serves as the foundation for a financial institution that aims to reshape the economic landscape of the region.
Mottley emphasized Barbados’ role as a bridge between Africa and the Caribbean, stating:
“Just as Barbados was the first hub outside Africa centuries ago, today we reclaim our Atlantic destiny with the first AATC outside Africa.”
She also expressed confidence that the project would create jobs, investment opportunities, and foreign exchange benefits for Barbados and the broader Caribbean.
Afreximbank’s Commitment to Growth
Professor Benedict Oramah, President and Chairman of Afreximbank, extended gratitude to the Barbadian government for facilitating the project. He reinforced that the Barbados AATC will serve as a gateway for Afri-Caribbean trade and investment, allowing businesses from both regions to collaborate effectively.
The event also included the official land handover from the Barbadian government to Afreximbank. The 30-month construction phase is expected to create approximately 1,000 direct and indirect jobs, while the operational facility will generate 300 permanent positions.
The inclusion of a hotel within the complex will also boost Barbados’ tourism sector, while its office spaces will attract Caribbean and African businesses, banks, and investors.
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Strengthening Financial Ties
Afreximbank has already provided US$2.5 billion in credit to CARICOM, with ongoing deals worth US$500 million. The bank also extended US$25 million to Barbados for its Cricket World Cup sports complex refurbishment in 2024.
Regional Endorsement
Grenada’s Prime Minister, Dickon Amiss Thomas Mitchell, acknowledged Afreximbank’s swift impact on the region, announcing that Grenada will host the Afreximbank Trade and Investment Forum in July.
The ceremony saw participation from key figures, including Dr. Carla Barnett, Secretary General of CARICOM, Afreximbank’s board members and executives, and regional business and government leaders.
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