In a significant move to bolster trade and investment between Africa and the Caribbean, the African Export-Import Bank (Afreximbank) has entered into a Memorandum of Understanding (MoU) with the Caribbean Export Development Agency (CEDA).
The MoU, formalized on June 14, 2024, during the 31st Afreximbank Annual Meetings and the 3rd AfriCaribbean Trade and Investment Forum in Nassau, The Bahamas, sets the stage for collaborative efforts between the two entities.
Under the terms of the MoU, Afreximbank and CEDA will focus on capacity building, technical collaboration, knowledge sharing, and trade and investment promotion. The agreement is expected to catalyze increased economic activity between the two regions, fostering mutual growth and development.
Representing Afreximbank at the signing was Oluranti Doherty, Director of Export Development, standing in for Kanayo Awani, Executive Vice President for Intra-African Trade & Export Development Bank. Leo Naut, Deputy Executive Director and Officer-in-Charge of CEDA, signed on behalf of his organization.
Commenting on the partnership, Kanayo Awani underscored Afreximbank’s commitment to realizing the African Union’s vision of integrating the African Diaspora as the continent’s sixth region. She highlighted Afreximbank’s successful initiatives in the Caribbean, including the participation of CARICOM member states in the African Vaccine Acquisition Trust program and the establishment of an Afreximbank Regional Office in Barbados.
Awani also pointed out the positive impact of previous collaborations, such as financing climate adaptation projects in St. Lucia and supporting sports infrastructure development in Barbados. She expressed confidence that the alliance with CEDA would substantially advance trade and economic cooperation between Africa and the Caribbean.
The Afreximbank Annual Meetings and the Afro-Caribbean Trade and Investment Forum provided a pivotal platform for fostering dialogue and forging partnerships to enhance economic ties between Africa and the Caribbean.