Haiti becomes the 12th CARICOM Member to sign Afreximbank Partnership Agreement

Haiti has officially become the 12th Caribbean Community (CARICOM) member state to join the partnership agreement between CARICOM countries and the African Export-Import Bank (Afreximbank).

The formal signing ceremony took place on September 25 at the Haitian Investment Forum, held alongside the 79th United Nations General Assembly (UNGA) in New York. During the event, Haiti’s Prime Minister, Garry Conille, and the President and Chairman of the Board of Directors of Afreximbank, Benedict Oramah, signed the documents to finalize Haiti’s accession to the agreement.

The partnership agreement, introduced by Afreximbank in 2022, stems from a 2008 African Union (AU) resolution recognizing the Diaspora as Africa’s sixth region. It aims to strengthen economic and cultural ties between Africa and its Diaspora by expanding two-way trade and investment, thereby advancing the Global Africa agenda and stimulating economic growth.

With Haiti’s accession, 12 of the 15 CARICOM member states have now joined the partnership, and nine have completed its ratification. This milestone will enable public and private sector institutions in Haiti to access up to US$1.5 billion in financing from Afreximbank to support projects and trade-related activities in the region – a figure set to double once all CARICOM states join the agreement.

During the forum, Afreximbank also announced a US$250 million facility to support the rebuilding of Haiti’s economy.

Prime Minister Conille expressed his appreciation, stating: “We are immensely grateful for today’s announcement of a US$250 million facility for Haiti. This decisive gesture promises revitalization for our economy and renewal for our people. It will help us address pressing challenges, from infrastructure and energy to agriculture and manufacturing. Moreover, it will unlock the potential that has long been stifled within our nation but never extinguished.”

He further emphasized that the facility is a concrete step towards restoring Haiti’s position in the global economy, creating the conditions for Haiti to “stand tall once again” and contribute to both regional and global progress.

Prof. Oramah commended Haiti’s commitment to enhancing trade and investment relations with Africa and the Caribbean. “Haiti’s accession to this Partnership Agreement marks another historic move towards strengthening Afri-Caribbean cooperation and propelling the Global Africa agenda towards a more prosperous future,” he said.

Since the introduction of the partnership agreement, Afreximbank has hosted three editions of its AfriCaribbean Trade and Investment Forum (ACTIF) in the region and established a regional office in Barbados. Over the past two years, the Bank has provided more than US$2.5 billion in funding across CARICOM, supporting areas such as infrastructure development, climate adaptation projects, and SME financing.

In June, the Bank’s 2024 Annual Meetings were held in The Bahamas, attracting over 4,000 attendees and serving as the third ACTIF. The event underscored Afreximbank’s commitment to advancing the Global Africa movement through high-level engagements and collaborations.