Afreximbank Breaks Ground on First African Trade Centre in the Caribbean

Afreximbank, Africa’s leading multilateral financial institution, has officially commenced construction on its first-ever Afreximbank African Trade Centre (AATC) in the Caribbean. The ceremony, held in Barbados, marks a historic moment in strengthening trade ties between Africa and the CARICOM region.

The $180 million Barbados AATC is the first such facility to be established outside Africa, showing the ambition and resilience of key commercial cities across Africa and the Caribbean. It is designed to enhance both intra-African and global trade, with a particular focus on fostering connections between countries in the Global South as part of Afreximbank’s Global Africa initiative.

To encourage the project, the government of Barbados granted Afreximbank 6.4 acres of land at Jemmotts Lane in Bridgetown, the former site of the Ministry of Health headquarters. Once completed, the complex will house Afreximbank’s CARICOM office, a conference facility, a technology and SME incubator, a Digital Trade Gateway, a 100-room hotel, and a trade and exhibition center. It will also provide office spaces for local, regional, and international financial and policy organizations.

The AATC concept was initiated in 2018 following a board decision to establish trade facilitation hubs in key commercial capitals. These centers will provide integrated trade information, services, financing, and business support. Nine cities were selected to host AATCs across Africa and the Caribbean, including Abuja (Nigeria), Harare (Zimbabwe), Kampala (Uganda), Cairo (Egypt), Abidjan (Côte d’Ivoire), Yaoundé (Cameroon), Bridgetown (Barbados), Kigali (Rwanda), and Tunis (Tunisia). These hubs are to connect buyers, sellers, enterprises, financial institutions, governments, and trade organizations to enhance commerce and investment opportunities.

Speaking at the ceremony, Barbados’ Prime Minister and CARICOM Chairman, The Honourable Mia Amor Mottley, emphasized the historical significance of the site, noting that it once housed Barbados’ first hospital, built in 1844 to serve emancipated slaves.

“My government stands proud to welcome Afreximbank not just as a financial institution leasing an office, but as an entity laying permanent roots in this country. The establishment of the first AATC outside Africa in Barbados is symbolic, much like Barbados was the first hub outside the continent during the transatlantic slave trade. This project signals our commitment to reclaiming our Atlantic destiny,” Prime Minister Mottley said.

She formally handed over the land to Afreximbank, stating that the investment would generate jobs, attract foreign exchange, and create new economic opportunities for Barbados and the region.

Afreximbank’s President and Board Chairman, Professor Benedict Oramah, thanked Prime Minister Mottley and the people of Barbados for their support. He pointed out the importance of the Barbados AATC as a key gateway for Afro-Caribbean trade and investment. “This center will unlock new business opportunities for the Caribbean to engage with Africa and for African businesses to establish a stronger presence in the region. It will catalyze trade, investment, and economic collaboration.”

He expressed confidence that the project would generate economic benefits, foster community development, and advance regional trade integration. He also reaffirmed Afreximbank’s commitment to supporting the Caribbean’s economic prosperity by removing trade barriers, attracting investments, and reshaping the region’s business landscape.

The event also included the official transfer of land from the government of Barbados to Afreximbank. Construction is expected to take approximately 30 months, creating around 1,000 direct and indirect jobs. Additionally, 50 SMEs will benefit from subcontracting and supply chain opportunities. Upon completion, the facility will create 300 permanent jobs and contribute to Barbados’ tourism sector by increasing hotel capacity.

Afreximbank has already extended $2.5 billion in credit lines to CARICOM to support regional development, particularly in light of new oil discoveries in Guyana and Suriname that are expected to transform the regional economy. In 2024, the Bank provided $25 million for Barbados’ Cricket World Cup sports complex refurbishment and has $500 million worth of investment deals in the pipeline.

Grenada’s Prime Minister, Hon. Dickon Amiss Thomas Mitchell, praised Afreximbank’s role in expanding economic opportunities for the region stating, “In a short time, Afreximbank has proven its commitment to the Caribbean’s economic growth. Grenada will follow Barbados, Guyana, and The Bahamas by hosting the Afreximbank Trade and Investment Forum on July 28 and 29. This initiative will open doors for trade, investment, and financial collaboration between Africa and the Caribbean.”

The ceremony was attended by Dr. Carla Barnett, Secretary-General of CARICOM, Afreximbank Board Members, the Bank’s Senior Executive Vice President, and Vice Presidents, as well as prominent local and regional government officials and business leaders.