Afreximbank doubles down on A&B and CARICOM with $180M regional investment

Afreximbank — a pan-African financial institution established to finance and promote intra and extra African trade — is charting a path of economic empowerment that promises to elevate Antigua and Barbuda and its CARICOM counterparts.

The bank broke ground on Monday for a US$180 million Afreximbank African Trade Centre (AATC) in Barbados that aims to boost Caribbean-African economic connections.

During an interview, the Chief Operating Officer of Afreximbank, Okechukwu Ihejirika, confirmed the bank’s interest in Antigua and Barbuda and stated that: “They are one of the first few countries that signed. We definitely are open to doing business in Antigua because we had a brief chat with the Prime Minister on the sidelines of the CARICOM Heads of Government meeting, so he mentioned that there are a few deals they want to bring to the table.”

Antigua and Barbuda joined the Afreximbank in 2022.

Ihejirika further elaborated on the bank’s commitment. “What we’re doing now is actually outreach, engaging with the contractors who are in Antigua and Barbuda, who have one or two things to execute, to find out how we can also provide support to make sure that they execute that.”

The groundbreaking ceremony brought together key regional leaders, including Afreximbank’s President and Chairman Benedict Oramah, Barbadian Prime Minister Mia Mottley, Grenadian Prime Minister Dickon Mitchell, and CARICOM Secretary General Dr Carla Barnett.

Prime Minister Mottley reflected on the site’s historical importance. “There can be no better use for this site to ensure that in the same way people came to tend to sick bodies in 1844, we come today to tend to those who need prosperity in the Americas,” she said.

Afreximbank’s President Benedict Oramah highlighted the project’s broader significance. “For the first time in Africa’s relationship with its Diaspora, we are matching our words with concrete action,” he said.

Construction is projected to take approximately 30 months and is expected to generate around 1,000 direct and indirect jobs during the building phase, with an additional 50 SMEs benefiting from subcontracting opportunities. Upon completion, the facility is expected to create hundreds of permanent jobs.

As of March 2025, 12 of the 15 CARICOM member states have entered into partnership with the Afreximbank, with nine completing full ratification.