to finance country’s infrastructural transformation

GUYANA will soon secure funding to the tune of US$500 million from the African Export-Import (Afrexim) Bank to support the country’s ongoing infrastructure drive.
This was revealed by the bank’s President and Chairman of the Board of Directors, Benedict Oramah at the second AfriCaribbean Trade and Investment Forum held at the Marriott Hotel in Georgetown, Guyana on Monday.

Oramah, while addressing the gathering of African and Caribbean officials, said Afrexim’s overarching goals are to collaborate with the region in a number of areas and foster strong partnerships with nations.

“For Guyana, we’ve agreed to conclude a US$500 million transaction to support accelerated infrastructure development projects of the Guyanese Government,” Oramah said.
Officials are expected to sign the various documents detailing the bridge financing deal. Afrexim is also supporting St. Lucia with a US$16 million loan to repair schools that were destroyed by a recent tropical storm on the island.
The financing facility, according to Oramah, is currently in the process of establishing its first regional headquarters in Barbados, where the first AfriCaribbean Trade and Investment was held last year.

“Afreximbank expects to begin the process of developing the Afreximbank Africa Trade Centre in Barbados before the end of next year. This facility will host the permanent Caribbean office and also incorporate a hotel, trade information, and conferencing and exhibition facilities,” he said.
Once fully established, regional trade between African and Caribbean nations is expected to grow exponentially.
Oramah said: “We must persevere and forge ahead, mindful that the path we have chosen is the shock absorber we need at this time. In a de-globalising world, small, open economies will suffer if they don’t bind together, and there can be no better biding than that of brothers and sisters represented by AfriCaribbean trade and investment integration.”
The bank will be running a pilot programme for the Pan-African Payment and Settlement System (PAPSS) for CARICOM Central Banks as the payment infrastructure for CARICOM before the end of 2024.

Meanwhile, Guyana’s Head of State, President, Dr. Irfaan Ali, said the Caribbean Community (CARICOM) is faced with unique challenges and the Afreximbank offers a branch of support for the respective nations to confront the crisis affecting the region.
Afreximbank has approved a facility of US$1.5 billion for CARICOM states, which will increase to US$3 billion when all 15 CARICOM countries have signed the partnership treaty. The bank’s five trade and investment missions to CARICOM have resulted in deals totalling US$2 billion, under which critical transactions have been approved or are at final approval committee level.

Speaking further on partnerships, President Ali said that African and Caribbean leaders have the ability to provide solutions to many global crises and those affecting the respective regions.

“We have the ability and we have presented solutions to many global problems. We have not owned those solutions, and this platform is one such avenue through which we can solve our problems and find the solutions for our problems among ourselves,” he said.
President Ali expressed confidence that this year’s forum will see the continued fostering of discussions and actionable plans to solidify partnerships between nations.