Afreximbank raises CARICOM financing limit to $5 billion

The African Export-Import Bank (Afreximbank) said on Monday it will raise its financing limit for the Caribbean Community (CARICOM) to US$5 billion from US$3 billion, aiming to accelerate support for governments and private-sector projects across the region.

President and Chairman of the Board of Directors, Dr. George Elombi, told the 50th Regular Meeting of CARICOM Heads of Government that the bank expected the expanded envelope to be fully utilised within three to four years. The announcement builds on more than US$750 million already disbursed in the Caribbean and a pipeline exceeding US$2 billion.

Elombi said Afreximbank’s long-term strategy focused on shifting regional economies toward value addition in agriculture and natural resources, aiming to retain more wealth locally, create jobs and boost government revenue.

He also welcomed progress on the CARICOM Payment and Settlement System, modelled on Afreximbank’s PAPSS, describing it as key to lowering transaction costs and enabling real-time cross-border payments in local currencies.

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