daniel chigunwe
Business Writer
The curtains came down on Wednesday on the second AfriCaribbean Trade and Investment Forum (ACTIF23) in Georgetown, Guyana.
The forum, anchored under the theme “Creating a Shared Prosperous Future”, heralded a new era of co-operation aimed at enhancing trade and investment avenues for nations across Africa and the Caribbean.
The forum echoed a unanimous voice for fostering partnerships with stalwarts like the African Business Council, the CARICOM private sector, and the International Trade Centre. Their combined vision is the operationalisation of the African Caribbean Business Council, designed as a nucleus for private sector amalgamation.
Over the span of ACTIF23, the dedication to mutual growth was evident. African and Caribbean governments and their business counterparts inked several groundbreaking agreements.
These spanned diverse sectors: from energy and tourism to logistics, construction, agriculture, sports and the burgeoning creative industries.
In one of the agreements, Afreximbank entered into an agreement to provide a US$30-million term loan facility to the Bahamas Development Bank (BDB) to bolster its trade finance operations and provide essential support to indigenous business organisations in The Bahamas.
Following the signing, Executive Vice President Kanayo Awani said that the facility to BDB was aligned with the Bank’s commitment to support the economic development of Africa and its Diaspora.
“By recapitalising the Bahamas Development Bank and focusing on trade finance and SME support, we’re not just investing in financial resources, but in the prosperity, resilience and growth of the nation of The Bahamas,” she said.
“This initiative underscores Afreximbank’s commitment to empowering businesses, stimulating trade and driving economic sustainability in The Bahamas.”
Nicholas Higgs, BDB’s Managing Director, stated, “The signing of this term sheet represents the realisation of a vision set forth by Prime Minister of The Bahamas, Philip Davis, with support from Bahamas Development Bank Chairman, Senator Quinton C. Lightbourne.
This loan underscores the administration’s steadfast commitment to building meaningful international partnerships and driving micro, small, and medium-sized enterprise development across all islands of The Bahamas.
In another agreement Afreximbank signed an agreement with the Barbados-based Kensington Oval Management Inc. (KOMI) to provide a US$25 million term loan facility.
The loan facility will be utilised for the rehabilitation and maintenance of sports infrastructure required for the 2024 Cricket World Cup, which is going to be held in Barbados.
Reflecting on the forum’s culmination, Guyana’s Finance Minister, Dr. Ashni Singh shared, “Hosting ACTIF23 has been monumental for Guyana.
This event has been a catalyst in reinforcing the ties between our regions and shedding light on the myriad of challenges we collectively aim to overcome”.
President and Chairman of the Board of Directors of African Export-Import Bank (Afreximbank), Prof.
Benedict O. Oramah, added weight to this vision, underlining the pressing need for genuine integration.
“Our collaborative endeavors signal a future where we overcome regional challenges through reinforced south-south co-operation. The horizon seems promising, with a unified payment system bridging Africa and the Caribbean becoming an imminent reality,” he noted.
Bongani Ndlovu