Source: Africa Publicity
The African Export-Import Bank (Afreximbank) has broken ground on its first-ever Afreximbank African Trade Centre (AATC) outside of Africa, in Bridgetown, Barbados. The $180 million project, set to be completed within 30 months, will serve as a hub for trade facilitation, conference facilities, technology, and SME incubation.
According to Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, “The Barbados AATC will serve as the gateway for Afri-Caribbean trade and investments, creating opportunities for doing business with the Caribbean and for Caribbeans doing business in Africa.”
The Honourable Mia Amor Mottley, Prime Minister of Barbados and Chairman of the Caribbean Community (CARICOM), highlighted the site’s historical significance and welcomed Afreximbank’s investment. “We intend to be able to reclaim our Atlantic Destiny… We send the signal that we intend to be a major player in the global economy.”
The project is expected to generate around 1,000 direct and indirect jobs during the construction phase and create 300 permanent jobs upon completion. Additionally, 50 SMEs will benefit from business opportunities as subcontractors and suppliers of construction materials, labour, and other services.
Afreximbank has extended its credit lines to CARICOM to the tune of $2.5 billion, aiming to bolster the region’s development. The Bank has also provided Barbados with $25 million for its Cricket World Cup sports complex refurbishment and has deals worth $500 million in the pipeline.
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