Afreximbank Partners with Bahamas to Develop Afro-Caribbean Marketplace and Logistics Hub in Grand Baham

The Afro-Caribbean Marketplace and Logistics Center will position Grand Bahama as a beacon of international trade, creating a dynamic environment for growth and collaboration.

The African Export-Import Bank (Afreximbank) has signed an agreement to establish a Project Preparation Facility with the Government of the Commonwealth of The Bahamas to develop and implement an Afro-Caribbean Marketplace. This marketplace will feature 90 outlets dedicated to selling authentically African and Caribbean products from over 54 African countries, 20 Caribbean states, and 16 islands of the Bahamas. Additionally, a transshipment hub will be located at the former International Bazaar and Royal Oasis Tower and Casino in Freeport, Grand Bahama Island.

Once completed, the project is expected to transform Grand Bahama into a significant trade and cultural hub, enhancing The Bahamas' strategic position in global maritime networks, fostering economic growth, creating jobs, and strengthening ties between African and Caribbean nations. The marketplace aims to boost SME growth and foster cultural exchange, contributing to the overall economic and social development of The Bahamas. The project preparation facility of $1.86 million will fund essential pre-development activities to advance the project to bankability, expected to unlock further investments estimated at $50 million.

The Afro-Caribbean Marketplace and Logistics Center will position Grand Bahama as a beacon of international trade, creating a dynamic environment for growth and collaboration. Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank Group, stated, "Afreximbank is very pleased to be providing funding towards the development of a unique Afro-Caribbean marketplace and trans-shipment project in The Bahamas. It is a strategic investment that allows us to realize our vision of positioning the Caribbean as the trans-shipment hub for Africa’s trade with the Americas. It will also support logistics related to AfriCaribbean trade. The Bank commends the Government of The Bahamas for the bold initiative to harness the emerging Afri-Caribbean opportunities.”

Prime Minister and Minister of Finance, Hon. Philip Edward Davis, said, "This agreement is a testament to our commitment to fostering strong economic and cultural partnerships. The Afro-Caribbean Marketplace and Logistics Center will position Grand Bahama as a beacon of international trade, creating a dynamic environment for growth and collaboration.”

Minister for Grand Bahama, the Honourable Ginger Moxey, stated, "The signing of the Project Preparation Facility with Afreximbank and the Government of The Bahamas marks a transformative step for Grand Bahama Island. The development of the Afro-Caribbean Marketplace and Logistics Centre signifies our commitment to creating a vibrant hub for trade, culture, and innovation.”

She added, “This initiative will not only boost our local economy but also strengthen our ties with the African continent, fostering an environment of shared growth and prosperity. Grand Bahama is a resilient island and is poised to become a beacon of economic and cultural exchange. We are proud to lead this groundbreaking endeavor and cannot wait to see the limitless potential of our people come to life through this transformative project.”

The agreement was signed by Mr. Reginald Saunders, Acting Permanent Secretary, Ministry for Grand Bahama, and Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank, Afreximbank. The signing was witnessed by Hon. Philip Edward Davis, K.C., Prime Minister and Minister of Finance, the Commonwealth of The Bahamas, Prof. Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank, and Hon. Ginger Moxey, Minister for Grand Bahama.