THE development and implementation of an Afro-Caribbean marketplace is closer to reality following the recent signing of an agreement between the African Export-Import Bank (Afreximbank) and the Government of The Bahamas.

This agreement was part of a number of partnerships established during the recently concluded Afri-Caribbean Trade and Investment Forum which was held in Nassau, The Bahamas.

According to a release from Afreximbank, once implemented, the Afro-Caribbean marketplace will comprise 90 outlets dedicated to the sale of authentic African and Caribbean products from more than 54 African countries and 20 Caribbean states.

Further to this, a transhipment hub is expected to be located in Freeport, Grand Bahama.

“The project preparation facility of US$1.86 million will fund essential pre-development activities that will advance the project to bankability, whereupon this is expected to unlock further investments estimated at US$ 50 million.”

President and Chairman of the Afreximbank, Benedict Oramah indicated that they are pleased to provide funding towards the development of such a unique project.

He said: “It is a strategic investment that allows us to realise our vision of positioning the Caribbean as the transshipment hub for Africa’s trade with the Americas. It will also support logistics related to AfriCaribbean trade.”

Meanwhile, Prime Minister of The Bahamas, Phillip Davis, indicated that the agreement is a testament to the commitment to fostering strong economic and cultural partnerships.

This came on the heels of the three-day AfriCaribbean Trade and Investment Forum, where discussions largely surrounded the improvement of trade relations between the two regions and the possible establishment of a free trade agreement between Africa and the Caribbean.