Caribbean trade finance: Afreximbank champions a regional EXIM bank

The Caribbean is edging closer to establishing its own regional export-import bank. The African Export-Import Bank (Afreximbank) is advancing a proposal for a CARICOM EXIM Bank to improve access to development financing across the Caribbean Community (CARICOM).

The initiative, designed to ease access to long-term capital for regional governments and businesses, is currently under review by the Council of Foreign Ministers.

Okechukwu Ihejirika, acting chief operating officer of Afreximbank’s Caribbean office, confirmed the proposal is awaiting final approval from regional heads. Concurrently, Afreximbank is expanding its direct financial footprint in the region.

The African lender has quadrupled its Caribbean investment envelope to US$5 billion, up from the initial US$1.5 billion allocated when it opened its Barbados office in 2023. Since then, the bank has approved nearly US$700 million in credit facilities targeting infrastructure, trade, and climate resilience.