Past generations of Caribbean Community (Caricom) leaders, academics, and Pan Africanists have dreamed of closer trade, travel, and other ties with Africa for decades, and a slew of positive events in the past three years appear to signal that the current crop of heads of governments is determined to spur developmental activity toward realizing that dream.
This was manifested by the attendance of a number of Caricom presidents and prime ministers when African Export-Import (Afreximbank) hosted its annual general meeting last week in the Bahamas, twinning the opportunity with what is only the third AfriCaribbean Trade and Investment Forum to be held so far.
Since the first leaders’ Caricom-Africa summit was held back in September of 2021, relations have taken off, with several countries and companies approaching the Afreximbank for commercial loans to fund development projects. These include regional headquarter nation Guyana, which has accessed $500 million in the past year to finance a slew of infrastructural projects linked to its spectacular economic growth since U.S. supermajor ExonMobil found massive reserves of oil and gas offshore back in 2015.
Barbadian businessman Mark Maloney quickly followed suit, walking away with a $100 million loan to build a Hyatt Hotel in the eastern Caribbean tourism paradise. He has also been able to secure a $10 million loan to import a large quantity of cement to keep pace with a construction boom on the island.
“It’s great to see the huge influence that Afreximbank is having in the region,” Maloney said. “You know, the region doesn’t lack opportunities. It lacks capital, and it is challenging, when you are doing projects, to be able to raise money in the local banking industry. Afreximbank has shown its commitment to the region and planting its seed in Barbados, where it is based. It also signifies that Barbados is really the place to be.” He heaped praise on the bank and the vision of regional leaders to push for closer ties with Africa.
Several leaders and high officials who spoke at the forums in the Bahamas pointed to the fact that African businesses are following the signal from leaders and the bank to seek out investment opportunities in the 15-nation bloc, from Guyana and Suriname on the South American coast in the south to Jamaica and the Bahamas in the north to Belize in Central America.
“Three years ago, sophisticated investors from Africa were not seen in the Caribbean region,” said Guyanese President and outgoing bloc chairperson Irfaan Ali. “Fast-forward to today, we have seen…, since Afreximbank came on board, more than 50 African delegations looking at business opportunities in this region. It’s this little spark that could ignite massive transformation and realization of the opportunity and potential that exists within our region.”
Ali noted that several billionaires, technology companies, and other interests have indicated they are interested in doing business in the Caribbean.
Overall, the bank has set aside $1.5 billion for Caricom states to access as they please.
As businesses begin to focus on opportunities in Africa and the fact their projects can be financed by Afreximbank, regional leaders and tourism officials are also focusing on achieving a long-held ambition to have direct or non-stop flights from the continent to the Caribbean.
Barbadian Prime Minister Mia Mottley said recently that talks with Air Peace of Nigeria for such operations are at an advanced stage, noting the region’s determination to cut out London and New York as transit hubs for travelers from Africa.
“I think we are much closer to seeing that happen now,” Mottley said. “There are charters that are being discussed, and my own officials met with Air Peace up to the day before yesterday, and with our tourism people, to be able to see how we can have that linkage move, because once we start to create that link, the rest is history. Suffice it to say that the discussions are going on well, the regulatory authorities have to do what they have to do now, because none of us are regulatory authorities. Once that’s done, we’ll get the reports and then at the governmental levels, it is for us to determine how we promote and get the market going.”
