African Export-Import Bank to Develop Afro-Caribbean Marketplace in the Bahamas
African Export-Import Bank (Afreximbank) has signed an agreement to provide a Project Preparation Facility to the Government of the Commonwealth of the Bahamas to develop and implement an Afro-Caribbean Marketplace.
The Afro-Caribbean Marketplace will comprise 90 outlets dedicated to the sale of authentically African and Caribbean products from over 54 African countries, 20 Caribbean states, 16 islands of the Bahamas and a transshipment hub located at the grounds of the former International Bazaar and Royal Oasis Tower and Casino in Freeport, Grand Bahama Island.
The project is expected to transform Grand Bahama into a major trade and cultural hub, enhance The Bahamas’ strategic position in global maritime networks, foster economic growth, create jobs, and strengthen ties between African and Caribbean nations. The marketplace will also boost SME growth, foster cultural exchange, and contribute to the overall economic and social development of The Bahamas.
Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank Group stated, “Afreximbank is pleased to be providing funding towards the development of a unique Afro-Caribbean marketplace and trans-shipment project in the Bahamas. This project aligns with our vision of positioning the Caribbean as a major trans-shipment hub for Africa’s trade with the Americas.”
Philip Davis, Prime Minister and Minister of Finance of the Bahamas, said, “This agreement is a testament to our commitment to fostering strong economic and cultural partnerships. The Afro-Caribbean Marketplace and Logistics Center will position Grand Bahama as a beacon of international trade, creating a dynamic environment for growth and collaboration.”
Ginger Moxey, Minister for Grand Bahama, stated, “This transformative project will not only boost our local economy but also strengthen our ties with the African continent. Grand Bahama is a resilient island poised to become a beacon of economic and cultural exchange.”
The development of the Afro-Caribbean Marketplace will enhance the economic and social development of the Bahamas while strengthening ties between Africa and the Caribbean region. The project is a significant step towards transforming Grand Bahama into a major trade and cultural hub, creating jobs, and fostering cultural exchange.
Q: What is the total value of the Project Preparation Facility?
A: The value of the facility is US$ 1.86 million.
Q: How much additional investment is expected to flow into the project after the facility?
A: The facility is expected to unlock further investments of US$ 50 million.
Q: What is the main purpose of the Project Preparation Facility?
A: The facility will fund essential pre-development activities to advance the project to bankability and pave the way for further investment.
Q: Who is signing the agreement with Afreximbank and the Government of the Bahamas?
A: Reginald Saunders, Acting Permanent Secretary, Ministry for Grand Bahama, and Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank, Afreximbank are signing the agreement.