Afreximbank strengthens Africa and Caribbean ties

Despite historical ties stretching back centuries, economic engagement between Africa and the Caribbean has remained remarkably limited. That dynamic is shifting as the Africa Export-Import Bank (Afreximbank) accelerates efforts to bridge the gap through its “Global Africa” initiative. The bank aims to transform centuries-old connections into active economic relationships.

The institution has worked to give meaning to the designation of the Caribbean as Africa’s “Sixth Region.” This concept, adopted by the African Union, acknowledges the diaspora as integral to the continent’s future. Through financing and partnerships, Afreximbank is trying to unlock commercial potential between the two regions.

“We have historical and cultural affinity. It comes with enormous economic growth potential,” says Dickson Mitchell, Grenada’s prime minister. The bank views the Caribbean as a natural economic partner linked by history, yet it has required practical mechanisms to turn that affinity into business.

Establishing a Permanent Footprint

Afreximbank has opened a Caribbean regional office in Barbados. This signals a commitment to long-term engagement rather than short-term projects. The bank has also created dedicated financing facilities for eligible CARICOM member states, opening access to trade and project finance that was previously difficult to secure.

“We are very guided by our mandate, which is to promote and facilitate trade,” explains Ermine Darroux-Francis, the bank’s manager for client relations at its Caribbean office. That mandate has driven several landmark initiatives recently.

A major development was the launch of the AfriCaribbean Trade and Investment Forum. This platform connects governments and investors. Darroux-Francis describes it as a place where Africans and Caribbean nationals can meet to explore business and “relive the history.”

Investment in Grenada’s Hospitality Sector

The Silversands Resort expansion illustrates how this vision works in practice. Located on Grenada’s Grand Anse Beach, the resort is a flagship luxury property. Afreximbank’s financing supports a major expansion adding 12 rooms and 15 condos.

Tourism is Grenada’s largest economic sector. The island currently has a capacity of 1,500 rooms, but economists suggest increasing that number to 3,000 would bring it closer to its full potential. “We are playing our part in helping Grenada and the government grow that number,” says Mark Scott, chief executive officer of Ora Caribbean.

The goal is near-total employment. “Which will create 100% employment, or as close as you can get,” Scott adds. The project integrates local businesses, sourcing food directly from farmers to support agriculture and offer an authentic experience.