The CARICOM Private Sector Organization (CPSO) has welcomed the African Export-Import Bank’s (Afreximbank) decision to increase its investment commitment to the Caribbean from US$3 billion to US$5 billion, describing the move as a major step toward expanding trade, investment, and economic cooperation between the Caribbean Community and the African Union (AU).
The announcement was made during the engagement between President of Afreximbank, Dr. George Elombi and CARICOM Heads of Government during the 50th Regular Meeting of the Conference held in Saint Kitts and Nevis on February 24, 2026. During that meeting, Dr. Elombi outlined Afreximbank’s strategic vision for deepening economic engagement with the Region and supporting initiatives aimed at expanding trade and investment flows.
“This expanded commitment by Afreximbank represents a major milestone in strengthening economic cooperation between the African Union and the Region,” said Dr. Patrick Antoine, Chief Executive Officer and Technical Director of the CPSO. “For the private sector in CARICOM, it offers the potential for realising expanded trade opportunities, deepening investment partnerships, and strengthening the productive capacities of private sector and infrastructure projects between CARICOM and the AU.”
Among the priority initiatives highlighted was the development of the Afreximbank Caribbean Trade Centre in Bridgetown, Barbados, which will also serve as the Bank’s regional office, along with conference facilities and a five-star hotel. Construction of the facility is expected to begin this year.
Afreximbank has also indicated its willingness to support the establishment of a Caribbean Export-Import Bank, which is an institution envisioned to strengthen the Region’s capacity to finance trade and investment while contributing to a more robust regional financial architecture.
In addition, the Bank has been working with regional central banks to develop a CARICOM Payment and Settlement System (CAPSS), which could facilitate cross-border transactions through a regional clearing system and reduce reliance on hard currencies.
Recognising the importance of physical connectivity in supporting trade expansion, Afreximbank further signalled its readiness to assist with financing initiatives aimed at strengthening air and maritime links between the Caribbean and the African continent, which remain critical to unlocking the full potential of AU-CARICOM trade and investment.
The CPSO, Afreximbank, and the Africa Business Council previously signed a Memorandum of Understanding (MOU) for the establishment of the African Caribbean Business Council (ACBC), a formal platform designed to facilitate structured private sector cooperation between the two regions. Through the ACBC, the Parties aim to advance trade and investment forums, business-to-business matchmaking, investment facilitation, financial sector cooperation, and capacity-building initiatives aimed at strengthening small and medium-sized enterprises, women and youth entrepreneurs. The framework also provides a mechanism to deepen institutional cooperation and explore longer-term opportunities for expanded AU-CARICOM trade and investment cooperation.
“The CPSO looks forward to deepening its collaboration with Afreximbank and the Africa Business Council, working alongside regional governments, financial institutions and private sector stakeholders to advance the implementation of these initiatives, including through the Africa Caribbean Business Council,” Dr. Antoine stated. “Our Organisation remains committed to ensuring that the opportunities emerging from the strengthened AU-CARICOM partnership translate into concrete outcomes for regional businesses, expanded trade flows, and sustainable economic growth across the Region.” (CPSO Press Release)
About the CARICOM Private Sector Organization:
The CARICOM Private Sector Organization (CPSO) is the most recently accredited Associate Institution of the Caribbean Community. The CPSO is a ‘Service Organisation’ to mobilise and advance private sector participation in CARICOM, with a mandate to contribute to the full implementation of the CARICOM Single Market and Economy (CSME). The Membership of the CPSO is comprised of private sector entities operating in the CARICOM space, including Micro, Small and Medium-Sized Enterprises (MSMEs).