African Export-Import Bank (Afreximbank) has started building its first-ever African Trade Centre (AATC) in Barbados. This marks a major step in trade between Africa and the CARICOM region.
The Barbados AATC will cost $180 million and is the first outside Africa. It will strengthen trade between Africa, the Caribbean, and the Global South. Afreximbank’s Global Africa initiative will drive this project forward.
The government of Barbados provided 6.4 acres of land at Jemmotts Lane in Bridgetown. This location was once the Ministry of Health headquarters. The new centre will include Afreximbank’s CARICOM office, a conference facility, and a trade and exhibition centre.
It will also feature a Digital Trade Gateway, a technology incubator, and a 100-room hotel. Regional and international financial organisations will have office spaces there.
A Landmark Project for Economic Growth
Afreximbank introduced the AATC concept in 2018 to create trade hubs in key commercial cities. These centres will offer trade information, finance, and services. Nine cities were chosen, including Abuja, Harare, Kampala, Cairo, Abidjan, Yaoundé, Kigali, Tunis, and Bridgetown. They will connect businesses, governments, and financial institutions across Africa and the Caribbean.
Prime Minister Mia Amor Mottley of Barbados gave the keynote speech. She highlighted the historical importance of the site. “My government stands proud here today to be able to bring into the pantheon of financial institutions in this country, Afreximbank,” she said. “Not simply as an entity that is leasing a building from somebody for an office, but as an institution ready to lay roots and foundations in this country.”
She continued, “The first AATC outside of Africa, just like Barbados was the first hub (for slaves) outside of the continent of Africa. In so doing, we send the signal that we intend to be able to reclaim our Atlantic Destiny.”
Afreximbank President, Prof. Benedict Oramah, thanked Barbados for the warm welcome. He stated, “The Barbados AATC will serve as the gateway for Afri-Caribbean trade and investments, creating opportunities for doing business with the Caribbean and for Caribbeans doing business in Africa.”
The government of Barbados officially handed over the land to Afreximbank. Construction will take 30 months and create around 1,000 jobs. About 50 small businesses will benefit from supply contracts. Once finished, the project will generate 300 permanent jobs.
The centre’s hotel will boost tourism by increasing room capacity. The complex will also provide office spaces for African and Caribbean businesses.
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Afreximbank Strengthens CARICOM Ties
Afreximbank has provided $2.5 billion in credit to CARICOM. This funding supports regional growth. The bank also gave Barbados $25 million to renovate a sports complex for the Cricket World Cup. It has $500 million in deals under review.
Grenada’s Prime Minister, Hon. Dickon Amiss Thomas Mitchell, praised Afreximbank’s impact. “Grenada will follow Barbados, Guyana, and The Bahamas, hosting on July 28 and 29 the Afreximbank Trade and Investment Forum in Grenada,” he said. “And we do so cognisant of the economic opportunities, trade, investment, financing, the movement of our people, our goods and services between the continent of Africa and the Caribbean.”
Other leaders attended the groundbreaking event. CARICOM Secretary General Dr. Carla Barnett and Afreximbank executives were present. Regional officials and business leaders also joined the ceremony.
The Barbados AATC is set to transform trade and investment between Africa and the Caribbean. The project will bring economic benefits and strengthen global trade connections.