Afreximbank and CEDA Sign MoU to Boost Trade and Investment Between Africa and the Caribbean

Under the terms of the agreement, Afreximbank and CEDA will work closely to foster mutual benefits for both regions, aiming to bolster economic cooperation and increase bilateral trade and investment flows.

At the 31st Afreximbank Annual Meetings (AAM2024) and the 3rd AfriCaribbean Trade and Investment Forum (ACTIF2024) held in Nassau, The Bahamas, the African Export-Import Bank (Afreximbank) and the Caribbean Export Development Agency (CEDA) formalized a Memorandum of Understanding (MoU) to strengthen collaboration and enhance trade and investment ties between Africa and the Caribbean.

The MoU, signed on June 14, 2024, establishes a framework for joint activities aimed at promoting economic growth and development through capacity building, technical collaboration, knowledge sharing, and trade and investment facilitation. Under the terms of the agreement, Afreximbank and CEDA will work closely to foster mutual benefits for both regions, aiming to bolster economic cooperation and increase bilateral trade and investment flows.

Representing Afreximbank at the signing ceremony, Oluranti Doherty, Director of Export Development, emphasized the institution's commitment to realizing the African Union's vision of integrating the African Diaspora as the continent's sixth region. She highlighted Afreximbank's recent achievements in the Caribbean, including the participation of CARICOM member states in the African Vaccine Acquisition Trust (AVAT) program. Currently, 11 Caribbean Community member countries have joined Afreximbank as participating states, with others expected to follow suit soon.

Mrs. Doherty also underscored Afreximbank's strategic initiatives in the Caribbean, such as hosting annual AfriCaribbean Trade and Investment Forums, establishing a regional office in Barbados, and providing financing facilities for climate adaptation projects in countries like St. Lucia and sports infrastructure development in Barbados.

Leo Naut, Deputy Executive Director and Officer-in-Charge of CEDA, signed the MoU on behalf of his organization, expressing optimism about the potential of the partnership to significantly enhance trade and economic cooperation between Africa and the Caribbean. He welcomed the collaborative efforts with Afreximbank, highlighting the shared goal of fostering sustainable development and prosperity in both regions.

AAM2024 and ACTIF2024, which brought together stakeholders from Africa and the Caribbean, provided a platform for dialogue, networking, and exploring opportunities for enhanced collaboration in trade, investment, and economic development. The events underscored the importance of regional partnerships and cooperation in driving inclusive growth and resilience across Africa and the Caribbean.

The signing of the MoU between Afreximbank and CEDA marks a pivotal step towards realizing the shared vision of expanding trade and investment linkages between Africa and the Caribbean, leveraging mutual strengths and opportunities for sustainable development and prosperity.