Central Bank of Barbados Defends Governor’s Role in Afreximbank

Governor of the Central Bank of Barbados, Kevin Greenidge

Background

BRIDGETOWN, Barbados, CMC – The Central Bank of Barbados (CBB) is defending the decision of its Governor, Kevin Greenidge, regarding his role as an independent director on the Board of the African Export-Import Bank (Afreximbank).

The CBB said that the Governor’s appointment to the Afreximbank board “fully complies with the Central Bank of Barbados Act, 2020-30, and poses no conflict of interest with his responsibilities as Governor”.

Regulatory Compliance

The Act states that the Governor may accept external appointments with the approval of the Central Bank’s Board of Directors.

“This appointment has received such approval, and importantly, the Governor receives no remuneration for his service on the Afreximbank Board. His work on the Board of the multilateral is pro bono.”

Afreximbank’s Role

The CBB said that Afreximbank is a multilateral financial institution that operates outside the regulatory jurisdiction of the Central Bank of Barbados, which regulates and supervises domestic financial institutions in Barbados, not international multilateral development banks.

“The Bank views the Governor’s service on Afreximbank’s Board as an opportunity to deepen Barbados’ international financial relationships and enhance the Bank’s strategic perspective through global engagement.

“Moreover, this appointment aligns with established international practice, as evidenced by the participation of central bank governors from three other jurisdictions, as well as a deputy and a sub-governor, also serving on the Afreximbank board,” the CBB added.

New Developments

The groundbreaking ceremony for the Barbados Afreximbank Africa Trade Centre (AATC) is scheduled for later Monday.

Afreximbank said that the AATC is “an iconic and futuristic edifice” that was developed to bridge the trade information gap in Africa and improve intra-African trade.

AATC Features

The AATC is a business complex featuring the Bank’s regional office, world-class conference facilities, a state-of-the-art tech and SME incubation hub, a Digital Trade Gateway, a hotel, and a trade and exhibition center.

The building will also provide office spaces for Barbadian, Caribbean, African, and international financial and policy organizations.

Conclusion

In conclusion, the Central Bank of Barbados has defended the Governor’s role in Afreximbank, citing regulatory compliance and the potential benefits of the appointment for Barbados’ international financial relationships.

Frequently Asked Questions

Q: What is Afreximbank?

A: Afreximbank is a multilateral financial institution that operates outside the regulatory jurisdiction of the Central Bank of Barbados.

Q: What is the AATC?

A: The AATC is a business complex featuring the Bank’s regional office, world-class conference facilities, and other amenities, developed to bridge the trade information gap in Africa and improve intra-African trade.

Q: Why is the Governor’s appointment to Afreximbank’s Board significant?

A: The Governor’s appointment aligns with established international practice and is seen as an opportunity to deepen Barbados’ international financial relationships and enhance the Bank’s strategic perspective through global engagement.