Jamaica Joins Afreximbank in Landmark Move to Strengthen Africa-Caribbean Ties

Jamaica has officially joined the African Export-Import Bank (Afreximbank), becoming the 13th Caribbean Community (CARICOM) member state to accede to the institution. The historic signing occurred on the sidelines of the 49th CARICOM Heads of Government Meeting, marking a pivotal step in deepening economic ties between Africa and the Caribbean.

This move unlocks an additional US$1.5 billion in financing for Jamaica and other Caribbean nations, doubling Afreximbank’s regional funding commitment to US$3 billion – pending full CARICOM accession.

Outgoing Afreximbank President Benedict Oramah hailed the development as a strategic opportunity to expand financial engagement in the region, including long-term investments in Jamaican small and medium enterprises (SMEs). “This is an incredible opportunity for transformative impact,” he said.

With 13 of 15 CARICOM nations now signed on, the partnership – launched in 2022 following the African Union’s recognition of the African Diaspora as Africa’s sixth region – aims to boost trade, investment, and cultural exchange.

Jamaica’s Prime Minister Andrew Holness, also CARICOM Chair, emphasized the need to shift from agreements to action, advocating for local currency settlements, cross-listed stock exchanges, and harmonized standards to reduce trade barriers. He also highlighted the private sector’s vital role, especially in fintech innovation and diaspora bond programs.

JN Bank, one of Jamaica’s top financial institutions and a co-sponsor of the CARICOM side event, pledged its support. Chairman Keith Levy noted that the agreement opens doors for capital flow and mutual growth, particularly in infrastructure, technology, and tourism.

The event, themed “From Shared Roots to a Shared Future: Africa and the Caribbean Unite,” included an African-Caribbean Symposium and African Village, organized by NTT Global Destinations and hosted at Montego Bay’s Half Moon Hotel.

As Jamaica and the wider Caribbean embrace closer ties with Africa, the partnership signals a new era of collaboration rooted in shared heritage and economic ambition.