Afreximbank to Build $180 Million Trade Centre in Barbados, Strengthening Africa-Caribbean Economic Ties

Afreximbank has announced plans to build a US$180 million twin-tower trade complex in Barbados, strengthening economic ties between Africa and the Caribbean.

In addition, Afreximbank raised its regional investment target from US$1.5 billion to US$2.5 billion. The Africa Trade Centre (AATC), a flagship project, will feature office spaces, a technology hub, facilities for SMEs, and conference centers.

Construction will begin on March 22, 2025.

“This iconic project will raise the profile of both the Bank and Africa in the Caribbean,” Afreximbank President and Chairman Benedict O. Oramah said, thanking Prime Minister Mia Mottley for providing the land. “We are re-inventing the infamous middle passage for our shared prosperity,” he added, highlighting the future of South-South cooperation.

Since opening its CARICOM Regional Office in Barbados less than two years ago, Afreximbank has formed various economic partnerships, including with Grenada’s hotel sector and Guyana’s oil industry. The AATC will serve as its physical presence in the region, where the Bank is already involved in climate adaptation in St. Lucia, trade finance in St. Kitts & Nevis, sports complex rehabilitation in Barbados, and infrastructure development in Guyana.

Afreximbank is also exploring a US$1 billion Local Content Financing Facility for Guyana’s oil industry and is backing major ventures like a US$200 million hospital in Grenada and US$150 million for road development in the Bahamas.

In addition to financing, Afreximbank is enhancing the region’s economic infrastructure, leading investment missions that have generated around US$1.5 billion in negotiations, and collaborating with Arise Integrated Industrial Platform on industrial development across CARICOM nations.

The Bank also supports institutional initiatives like the Caribbean Development Fund’s Growth, Resilience, and Sustainability Fund, which aims to attract investments in countries facing economic and climate challenges.

Among Afreximbank’s most innovative projects is the Caribbean Payment and Settlement System (CAPSS), which will allow intra-Caribbean payments in national currencies, modeled on Africa’s Pan-African Payment and Settlement System (PAPSS). A technical team is currently piloting the system in the Bahamas.

Despite delays, Afreximbank is moving forward with plans to establish the Caribbean Eximbank, having committed funding for a feasibility study.

With a growing deal pipeline of US$3.5 billion across sectors like finance, oil and gas, hospitality, healthcare, and manufacturing, Oramah encouraged Caribbean leaders to capitalize on these opportunities for regional growth.