EXIM and St. Kitts and Nevis Sign Historic Memorandum of Understanding

Bridgetown, Barbados – The Export-Import Bank of the United States (EXIM) has signed a Memorandum of Understanding (MOU) with the Government of St. Kitts and Nevis, unlocking up to $300 million in financing to support critical projects that will drive long-term economic growth and sustainability in the Federation.

(L-R): Permanent Secretary in the Prime Minister’s Office, Ms. Naeemah Hazelle; President and Chair of the Export-Import Bank of the United States (EXIM), Reta Jo Lewis; Prime Minister of St. Kitts and Nevis, Hon. Dr. Terrance Drew; U.S. Ambassador to Barbados and the Eastern Caribbean, H.E. Roger Nyhus.

Agreement Highlights Strategic Partnership between U.S. and St. Kitts and Nevis

The agreement, signed on November 25, 2024, is a significant step toward enhancing the strategic partnership between the U.S. and St. Kitts and Nevis, particularly in sectors such as renewable energy, cybersecurity, infrastructure, and critical minerals. EXIM President and Chair, Reta Jo Lewis, and Hon. Dr. Terrance Michael Drew, Prime Minister of St. Kitts and Nevis, formalized the agreement in a ceremony hosted by U.S. Ambassador to Barbados and the Eastern Caribbean, Roger Nyhus, at the U.S. Embassy in Bridgetown, Barbados.

Focus on High-Impact Projects

This collaboration will focus on identifying and financing high-impact projects that benefit from U.S. exports of goods and services, providing critical support for the Federation’s Sustainable Island State Agenda. The MOU highlights several priority sectors, including climate resilience, energy security, technology and digital connectivity, and social development. These areas align with St. Kitts and Nevis’ goals to modernize infrastructure, enhance technological capabilities, and strengthen its resilience to climate change. EXIM’s financing, available through medium- and long-term guarantees and direct loans, aims to provide the necessary funding to support these ambitious projects.

Conclusion

The MOU marks a major expansion of the longstanding relationship between EXIM and St. Kitts and Nevis, which has already seen over $23 million in transactions since 1991. This new agreement lays the foundation for future collaboration, not only strengthening economic ties but also creating jobs and promoting growth in both the U.S. and the Caribbean. With the agreement set to remain in effect until November 2026, the partnership between EXIM and the Government of St. Kitts and Nevis is expected to bring lasting benefits for the country’s infrastructure development, environmental sustainability, and economic diversification.

FAQs

Q: What is the purpose of the Memorandum of Understanding (MOU) between EXIM and St. Kitts and Nevis?

A: The MOU aims to unlock up to $300 million in financing to support critical projects that will drive long-term economic growth and sustainability in St. Kitts and Nevis.

Q: What sectors will the MOU focus on?

A: The MOU will focus on priority sectors such as renewable energy, cybersecurity, infrastructure, and critical minerals, as well as climate resilience, energy security, technology and digital connectivity, and social development.

Q: What is the duration of the MOU?

A: The MOU is set to remain in effect until November 2026.

Q: What is the significance of the MOU for St. Kitts and Nevis?

A: The MOU represents a major milestone in the country’s efforts to modernize and diversify its economy, supporting its Sustainable Island State Agenda and positioning it as a leader in the Caribbean’s green transition.

Q: What is the expected impact of the MOU on the U.S. and the Caribbean?

A: The MOU is expected to create jobs and promote growth in both the U.S. and the Caribbean, strengthening economic ties and fostering regional development goals.