Afreximbank to Construct $180 Million Trade Centre in Barbados as Caribbean Investments Expand
The African Export-Import Bank (Afreximbank) has announced plans to build a $180 million twin-tower trade complex in Barbados, marking a significant step in strengthening Africa-Caribbean economic ties. The project was unveiled by Afreximbank President and Chairman, Professor Benedict O. Oramah, during the 48th CARICOM Summit in February.
The newly planned Afreximbank Africa Trade Centre (AATC) will serve as a regional hub, offering office spaces, a technology incubation center, SME facilities, and conference halls. Groundbreaking for the landmark project is set for March 22, 2025.
“This iconic project will carry the flag of the Bank and Africa very high in the Caribbean,” Oramah stated, expressing gratitude to Barbadian Prime Minister Mia Mottley and her government for allocating land for the development.
The announcement coincides with Afreximbank’s decision to increase its investment target for the region from $1.5 billion to $2.5 billion. The financial institution has rapidly expanded its presence across CARICOM nations, supporting projects in sectors ranging from oil and gas to infrastructure and hospitality.
Among its most ambitious ventures is the proposed $1 billion Local Content Financing Facility for Guyana’s oil sector. Other major initiatives include a $200 million tertiary hospital in Grenada, $150 million in road development in the Bahamas, and climate adaptation projects in St. Lucia, which have helped rebuild schools affected by extreme weather events.
Beyond direct investments, Afreximbank is working to modernize the region’s financial systems. The Bank has initiated the Caribbean Payment and Settlement System (CAPSS), modeled after Africa’s Pan-African Payment and Settlement System (PAPSS). This system aims to facilitate intra-regional trade by enabling transactions in local currencies, reducing reliance on external financial instruments.
“Afreximbank’s technical team and central bank officials from across the region are currently in the Bahamas piloting CAPSS,” Oramah revealed. “This will lay the groundwork for integrating African and Caribbean payment networks, opening new economic frontiers.”
Additionally, plans to establish the Caribbean Eximbank are progressing, with Afreximbank committing to fund the feasibility study. A kick-off meeting with the CARICOM Secretariat is expected soon.
With Afreximbank’s investment portfolio in the region now surpassing $3.5 billion, spanning financial services, healthcare, manufacturing, and industrial development, Oramah urged Caribbean leaders to seize the opportunities being presented.
“The potential benefits are immense for your region, and I encourage you to expedite the process,” he said.
