- Afreximbank has signed an agreement to provide a Project Preparation Facility for the development of an Afro-Caribbean Marketplace
- The marketplace will feature 90 stalls showcasing products from over 54 African countries, 20 Caribbean nations, and 16 of the Bahamas islands
- The US$1.86 million facility will fund essential preparatory work to make the project ready for additional funding of approximately US$50 million.
African Export-Import Bank (Afreximbank) has recently signed an agreement to grant a Project Preparation Facility to the Government of the Commonwealth of the Bahamas for creating an Afro-Caribbean Marketplace.
The Afro-Caribbean Marketplace will consist of 90 stalls for African and Caribbean products from over 54 African countries, 20 Caribbean nations, 16 of the Bahamas islands and a transit center to be housed at the site formerly occupied by the International Bazaar and Royal Oasis Tower and Casino, Freeport Grand Bahamas island.
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The initiative is anticipated to act as a catalyst for change for Grand Bahama to become a key trade and cultural center, boost The Bahamas’ geopolitical standing in the global sea web, and promote growth, employment opportunities, and relations between Africa and CARICOM countries.
This will enhance SMEs development and promote cultural interchange to support the economic and societal advancements of The Bahamas.
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The project preparation facility of US$ 1. 86 million will be spent on basic preparatory works necessary to get the project ready for funding, and after this, this is expected to attract additional funding estimated at US Dollars 50 million.
Extolling the impact of the facility, Prof. Benedict Oramah, President of Afreximbank said that the bank is very pleased to be funding a new Afro-Caribbean market and trans-shipment project in the Bahamas stating that it is the right investment that makes the dream of establishing the Caribbean as a transit hub between African trade with Americas possible.
“This project will cater to logistical necessities for the Afri-Caribbean trade relations,” said Oramah.
“The Bank wishes to commend the Bahamas Government for this and other creative ways of embracing the emerging Afri-Caribbean opportunities,” he added.
The Prime Minister and Minister of Finance, Hon. Philip Edward Davis reiterated that the agreement is a testament to their commitment to fostering strong economic and cultural partnerships noting that Afro-Caribbean Marketplace and Logistics Centre will position Grand Bahama as a beacon of international trade, creating a dynamic environment for growth and collaboration.
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Minister for Grand Bahama the Honorable Ginger Moxey said, “The signing of the Project Preparation Facility with Afreximbank and the Government of The Bahamas marks a transformative step for Grand Bahama Island. The development of the Afro-Caribbean Marketplace and Logistics Center signifies our commitment to creating a vibrant hub for trade, culture, and innovation.”
She added that the initiative will not only boost the local economy but also strengthen ties with the African continent, fostering an environment of shared growth and prosperity.
“Grand Bahama is a resilient island and is poised to become a beacon of economic and cultural exchange. We are proud to lead this groundbreaking endeavor and cannot wait to see the limitless potential of our people come to life through this transformative project,” she concluded.
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