EXIM Bank Signs $300 Million MOU with St. Kitts and Nevis to Support Strategic Investments in Key Sectors

Bridgetown, Barbados, November 25th (PMO)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.

MOU Highlights

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.

Agreement Signatories

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.

Key Sectors

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
Social development

Financing Options

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

This MOU is a symbol of the United States’ deepening commitment to St. Kitts and Nevis and the broader Eastern Caribbean region. By working together, we can help create new business opportunities and support sustainable development, ultimately benefiting both nations and fostering regional growth.

FAQs

Q: What is the purpose of the MOU?

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 sectors such as renewable energy, cybersecurity, infrastructure, and critical minerals, among others.

Q: What is the duration of the MOU?

A: The MOU will remain in effect until November 2026.