Deal struck to establish Afro-Caribbean marketplace

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

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

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

Additionally, a transshipment 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, which is expected to unlock further investments estimated at US$50 million.”

President and Chairman of Afreximbank, Benedict Oramah, expressed pleasure in providing funding for such a unique project.

“It is a strategic investment that allows us to realize 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,” Oramah said.

Prime Minister of The Bahamas, Phillip Davis, noted that the agreement demonstrates a commitment to fostering strong economic and cultural partnerships.

This development follows the three-day AfriCaribbean Trade and Investment Forum, where discussions largely focused on improving trade relations between the two regions and the possible establishment of a free trade agreement between Africa and the Caribbean.