Jamaica has formalized its participation in the CARICOM-Afreximbank partnership during the 49th CARICOM Heads of Government meeting in Montego Bay. The agreement adds $1.5 billion in financing capacity for Caribbean development initiatives. Thirteen of fifteen CARICOM member states have joined the partnership since its 2022 introduction. The total available funding reaches $3 billion to strengthen trade and investment connections between Africa and the Caribbean. Professor Benedict Okechukwu Oramah, Afreximbank president, described the development as transformative for regional economic growth.
The partnership stems from a 2008 African Union resolution that designated the African Diaspora as Africa's sixth region. Afreximbank established the agreement to support small and medium enterprises across Caribbean nations. Acting Chief Operating Officer Okechukwu Ihejirika emphasized that no other institution could facilitate such comprehensive Africa-Caribbean cooperation. The bank plans long-term capital investments to accelerate economic development throughout Jamaica. Strategic positioning enables deeper financial engagement across multiple Caribbean markets.
Prime Minister Andrew Holness stressed the importance of implementing practical trade mechanisms beyond formal agreements. He advocated for local currency settlements, cross-listings on regional stock exchanges, and harmonized standards to reduce trade barriers. JN Bank sponsored the African-Caribbean side event alongside Afreximbank during the government meeting. Chairman Keith Levy highlighted the need for diversified financing across infrastructure, technology, and cultural investments. The partnership opens opportunities for bilateral growth through enhanced capital connections between the regions.
The partnership stems from a 2008 African Union resolution that designated the African Diaspora as Africa's sixth region. Afreximbank established the agreement to support small and medium enterprises across Caribbean nations. Acting Chief Operating Officer Okechukwu Ihejirika emphasized that no other institution could facilitate such comprehensive Africa-Caribbean cooperation. The bank plans long-term capital investments to accelerate economic development throughout Jamaica. Strategic positioning enables deeper financial engagement across multiple Caribbean markets.
Prime Minister Andrew Holness stressed the importance of implementing practical trade mechanisms beyond formal agreements. He advocated for local currency settlements, cross-listings on regional stock exchanges, and harmonized standards to reduce trade barriers. JN Bank sponsored the African-Caribbean side event alongside Afreximbank during the government meeting. Chairman Keith Levy highlighted the need for diversified financing across infrastructure, technology, and cultural investments. The partnership opens opportunities for bilateral growth through enhanced capital connections between the regions.
